Avanos Medical, a NYSE-listed medical technology company based in Alpharetta, Georgia, agreed on 14 April to be acquired by affiliates of American Industrial Partners for US$25.00 per share in cash, an enterprise value of about US$1.272bn.
Why American Industrial Partners is buying Avanos Medical, Inc.
Chief executive David Pacitti said Avanos had spent recent years narrowing its focus to the medical technology categories with the greatest clinical value, and that private ownership under AIP would give it more flexibility and resources to advance its innovation roadmap. AIP cited the company's differentiated market positions, its management team and the firm's own operational capabilities.
Deal terms and financing
The price represented a premium of about 72.1% to the closing share price on 13 April, the last full trading day before the announcement, and 82.8% to the 30-day volume-weighted average. The board approved the deal unanimously and there was no financing condition. Avanos postponed its annual meeting, which had been set for 21 April.
Regulatory approvals and timing
The merger needed stockholder approval, expiry of the US Hart-Scott-Rodino waiting period and other clearances. Avanos said on 2 July 2026 that all required regulatory approvals had been received; stockholders approved the deal on 22 July with about 99.75% of shares voted in favour, and the acquisition closed on 27 July 2026, when the shares ceased trading on the NYSE.
Market context
AIP, an operationally oriented investor in engineered products businesses with about US$17.5bn of assets under management, invests in carve-outs, management buyouts, recapitalisations and take-privates of established companies with sales above US$500m. Avanos remains headquartered in Alpharetta.
