Arsenal Capital Partners Sells Airnov Healthcare Packaging to Colorcon

March 2, 2023

New York, NY– Arsenal Capital Partners (“Arsenal”) announced that it has sold Airnov Healthcare Packaging (“Airnov”) to Colorcon, Inc. (“Colorcon”). Financial terms of the transaction were not disclosed.

Airnov is a leading producer of consumables used to protect healthcare products from moisture and oxygen. The company sells a broad portfolio of customized products, including high-quality drop-ins such as canisters and packets, integrated desiccant systems and specially designed plastic bottles containing oxygen barrier materials. Airnov has global operations with manufacturing facilities in the United States, France, China, and India. The company employs approximately 700 people globally.

“We are grateful for the support of Arsenal over the past three years as we further established Airnov as the go-to solution provider in the pharmaceutical, nutraceutical, and diagnostic industries,” said Matthias Brommer, President and Managing Director of Airnov. “We are excited about Airnov’s next phase of growth and our new partnership with Colorcon.”

“Airnov’s capabilities will be a strong complement to Colorcon’s existing portfolio,” said 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.”

George Abd, an Operating Partner of Arsenal, commented, “Following the carve-out of Airnov from its prior corporate parent, we were thrilled to work alongside a talented leadership team to implement, improve, and outperform our investment objectives.” Joe Rooney, an Investment Partner of Arsenal, continued, “We invested in growth and key initiatives across the platform to develop sustainable strategies that drive long-term value.”

William Blair & Company 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.

About Airnov Healthcare Packaging
Airnov is a leading global manufacturer of solutions used to protect healthcare products from moisture and oxygen. With a broad portfolio of capabilities, Airnov serves the pharmaceutical, nutraceutical, and diagnostic industries. The company’s manufacturing operations are located in the United States, France, China, and India with a number of additional sales offices used to serve the company’s global customer base. Airnov currently employs approximately 700 people.

For more information, visit www.airnov-healthcare.com.

About Colorcon, Inc.
Colorcon is a global leader in the development, supply, and technical support of specialty ingredients, formulated film coating systems, modified release technologies, and functional excipients. Colorcon serves the pharmaceutical, nutritional, and animal healthcare industries. Colorcon’s products and technologies are complemented by their extensive application data and value-added services to support all phases of solid oral dose design, development, and manufacturing. Colorcon has 11 manufacturing facilities, 25 technical service laboratories globally, and employs approximately 1,400 people.

For more information, visit www.colorcon.com.

About Arsenal Capital Partners
Arsenal Capital Partners is a leading private equity firm that specializes in investments in industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 275 platform and add-on acquisitions and achieved more than 30 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.

For more information, visit www.arsenalcapital.com.

Contact Information:

For Airnov:
Elisa LeFloch
Elisa.LeFloch@airnov-healthcare.com

For Colorcon:
Deborah J. Taylor
Dtaylor@colorcon.com

For Arsenal:
Jackie Schofield at Prosek Partners
Pro-Arsenal@prosek.com