American Industrial Partners Completes Acquisition of Avanos Medical, Inc.

American Industrial Partners (AIP) has announced the completion of its acquisition of Avanos Medical, Inc. in a transaction valued at approximately $1.272 billion. The acquisition was finalized by affiliates of investment funds advised by AIP.

Under the terms of the merger agreement, Avanos stockholders will receive $25.00 per share in cash for each share of common stock they own. Following the transaction, Avanos’ common stock will no longer trade on the New York Stock Exchange, and the company will transition to private ownership.

Joel Rotroff, a Partner at AIP, expressed enthusiasm about the partnership, stating, "We are excited to partner with Avanos to deliver a compelling platform for continued growth in the medical technology sector. We are confident that by leveraging AIP's deep operational expertise and resources, Avanos will be in a strong position to build on its momentum and achieve long-term success."

Avanos CEO Dave Pacitti remarked on the partnership, saying, "Avanos enters this next chapter with real momentum, and AIP is the right partner to help us build on it. AIP's operational depth means we can move faster on the innovation roadmap our teams have already put in motion."

Sidley Austin LLP acted as legal counsel, while Ropes & Gray LLP provided financing counsel and Baker Botts LLP offered regulatory counsel to AIP. For Avanos, J.P. Morgan Securities LLC served as lead financial advisor, and Alston & Bird, LLP acted as legal counsel, with UBS Investment Bank also advising on financial matters.