Colorcon Inc., a development, supply and technical support company for ingredients, film coating systems, release technologies and excipients, has purchased Airnov Healthcare Packaging, a manufacturer of products used to protect healthcare products from moisture and oxygen, from Arsenal Capital Partners.

The company sells a portfolio of customized products, including drop-ins such as canisters and packets, desiccant systems and plastic bottles containing oxygen barrier materials. Airnov has global operations with manufacturing facilities in the U.S., France, China and India. The company employs approximately 700 people globally.

“Airnov’s capabilities will be a strong complement to Colorcon’s existing portfolio,” says Simon Tasker, CEO of Colorcon. “Our partnership will allow for an increased level of technical, customer, and regulatory support to accelerate our customers’ product development and commercialization.”

William Blair & Co. LLC acted as financial advisor to Airnov and Kirkland & Ellis LLP served as legal counsel. Dechert LLP served as legal counsel to Colorcon with respect to the transaction.