Kester nets 8x on Avania exit to Astorg

Avania is Astorg's first healthcare deal completed via its debut Mid-Cap Fund, which closed at EUR 1.3bn in February this year. 

Kester will retain a minority stake under the transaction. 

The vendor said that the company's EBITDA had grown five-fold since its first investment in 2016, standing at over EUR 10m in the current year. 

Avania as a CRO is dedicated to medical technology. It serves 300 medical device original equipment manufacturers (OEMs) across clinical trial management, biostatistics, regulatory consulting, data analytics, medical writing and reimbursement. 

Kester specialises in primary buyouts in the healthcare, data information and technology sectors. The GP said Avania is the fifth consecutive exit that has achieved a return of over 3x. 

The GP closed its latest fund, Kester Capital II, in August 2020 at its GBP 90m hard-cap. 

Advisors

Kester Capital - Results International (M&A); Osborne Clark (legal); Nauta Dutilh (legal); Smith Anderson (legal); Addisons (legal); BDO (financial and tax)

Astorg - Rothschild (lead M&A); BDO (M&A); Dentons (legal); Roland Berger (commercial); KPMG (financial and tax)

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• Topics
• Healthcare
• Buyouts
• Benelux
• GPs
• Astorg Partners
• Kester Capital