Key Takeaways
- • Audax Private Equity has completed its acquisition of the clinical services business carved out of Avantor, Inc. (NYSE: AVTR) and rebranded it as Resonant Clinical Solutions, per a Business Wire announcement dated October 18, 2024.
- • Resonant combines three brands, EPL Archives, MESM, and Therapak, whose lineage dates to the 1970s, and serves pharmaceutical, biotechnology, CRO, and diagnostic laboratory customers.
- • Resonant employs more than 850 people and operates 10 facilities across the US, UK, and Europe.
- • Audax plans to pursue organic growth and add-on M&A to broaden the brands' solution sets as an independent platform in outsourced clinical trial services.
- • Moelis & Company advised Audax as financial advisor and Ropes & Gray as legal counsel; J.P. Morgan Securities acted as exclusive financial advisor to Avantor, with Arnold & Porter as its legal advisor.
Summary
Audax Private Equity ("Audax") has completed its acquisition of the clinical services business of Avantor, Inc. (NYSE: AVTR) and, working with the business's employees, has rebranded it as Resonant Clinical Solutions ("Resonant"). The transaction is structured as a carveout, separating the business from Avantor's broader portfolio and establishing it as an independent platform.
Resonant is built from three established brands: EPL Archives, MESM, and Therapak. According to the announcement, these brands trace their roots to the 1970s and provide quality-focused services to pharmaceutical, biotechnology, contract research organization (CRO), and diagnostic laboratory customers. The company describes itself as a provider of clinical trial and laboratory supply chain services, with more than 850 employees and 10 facilities across the US, UK, and Europe, supported by a global logistics and equipment services network.
Audax intends to invest in the business and operations of Resonant and to pursue both organic and inorganic growth, enhancing the brands' existing solution sets and adding complementary capabilities through M&A. Stephen Weaver, Managing Director at Audax Private Equity, thanked Avantor for its stewardship over the last seven years and said Audax is excited to support the company's next phase of growth as an independent platform in the outsourced clinical trial services sector. He added that a plan is in place to effect a seamless transition.
David Wong, Partner at Audax Private Equity, pointed to Resonant's long-tenured customer relationships as a basis for accelerating growth. He noted that rising complexity in clinical trial services is driving pharma sponsors and CROs to outsource these functions to specialists, and that Resonant's solution set helps clients manage that complexity and focus on drug discovery and R&D.
Moelis & Company LLC served as financial advisor and Ropes & Gray LLP as legal counsel to Audax. J.P. Morgan Securities LLC was exclusive financial advisor to Avantor, and Arnold & Porter was its legal advisor. Audax, headquartered in Boston with offices in San Francisco, New York, and London, reported approximately $19 billion in assets under management as of June 2024.
Resonant is built from three established brands: EPL Archives, MESM, and Therapak. According to the announcement, these brands trace their roots to the 1970s and provide quality-focused services to pharmaceutical, biotechnology, contract research organization (CRO), and diagnostic laboratory customers. The company describes itself as a provider of clinical trial and laboratory supply chain services, with more than 850 employees and 10 facilities across the US, UK, and Europe, supported by a global logistics and equipment services network.
Audax intends to invest in the business and operations of Resonant and to pursue both organic and inorganic growth, enhancing the brands' existing solution sets and adding complementary capabilities through M&A. Stephen Weaver, Managing Director at Audax Private Equity, thanked Avantor for its stewardship over the last seven years and said Audax is excited to support the company's next phase of growth as an independent platform in the outsourced clinical trial services sector. He added that a plan is in place to effect a seamless transition.
David Wong, Partner at Audax Private Equity, pointed to Resonant's long-tenured customer relationships as a basis for accelerating growth. He noted that rising complexity in clinical trial services is driving pharma sponsors and CROs to outsource these functions to specialists, and that Resonant's solution set helps clients manage that complexity and focus on drug discovery and R&D.
Moelis & Company LLC served as financial advisor and Ropes & Gray LLP as legal counsel to Audax. J.P. Morgan Securities LLC was exclusive financial advisor to Avantor, and Arnold & Porter was its legal advisor. Audax, headquartered in Boston with offices in San Francisco, New York, and London, reported approximately $19 billion in assets under management as of June 2024.
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