American Industrial Partners to Buy Avanos in $1.27 Billion Cash Deal
The transaction would give Avanos greater flexibility and resources to expand its medical-device business as a private company.
Affiliates of investment funds advised by American Industrial Partners agreed to acquire Avanos Medical, Inc. (AVNS) in an all-cash transaction valued at approximately $1.272 billion, taking the medical-technology company private. Avanos shareholders would receive $25.00 a share in cash under the definitive agreement.
The purchase price represented a premium of about 72.1% to Avanos’ closing price on April 13, the final full trading day before the transaction was announced, and an 82.8% premium to its 30-day volume-weighted average price through that date. Avanos’ board unanimously approved the deal, which wasn’t subject to a financing condition.
Avanos said the partnership would provide additional flexibility and resources as the company pursued growth, innovation and commercial execution. “By partnering with AIP, we expect to build on our positive momentum with enhanced flexibility and resources, enabling Avanos to better address today’s most pressing healthcare needs,” Avanos Board Chair Gary D. Blackford said.
The Alpharetta, Ga.-based company develops and markets medical devices used in specialty nutrition and pain management. Its products support patients receiving nutrition from hospital to home and are designed to reduce opioid use while helping patients move from surgery through recovery. Avanos holds leading positions across several product categories and sells its brands globally. That portfolio gave AIP a platform in established medical-device markets where operational investment could support product development and broader commercial execution.
Avanos had entered the transaction after narrowing its focus to medical-technology categories where management said it could deliver greater clinical value. The company’s Specialty Nutrition Systems unit recorded double-digit organic growth in the first quarter of 2026, while its Pain Management and Recovery business posted relatively flat sales growth. Those results framed the operating mix AIP would inherit: a growing nutrition franchise alongside a pain-management operation with room for improvement.
The companies had received all required regulatory clearances by July 2, leaving shareholder approval and customary closing requirements as the principal remaining conditions at that point. The transaction was expected to close no later than July 27, 2026, subject to the satisfaction or waiver of those conditions. Upon completion, Avanos would become privately held, its common stock would cease trading on the New York Stock Exchange, and the company would remain headquartered in Alpharetta.