GHO Capital and Ampersand Acquire Avid Bioservices

US-based biologics CDMO Avid Bioservices will be acquired by funds managed by GHO Capital Partners and Ampersand Capital Partners in an all-cash transaction valued at approximately $1.1 billion. The three companies have signed the corresponding agreement.

Nick Green, President and CEO of Avid Bioservices, said: "Since its inception, Avid Bioservices' business has evolved to meet the broad development and manufacturing needs of our customers. After years of investment and expansion, now is the right time to move forward as a private company with new owners who will support our next phase of growth. In evaluating this transaction, our Board considered a range of alternatives and determined that this transaction provides significant, immediate and certain cash value to our shareholders. Partnering with GHO Capital and Ampersand Capital Partners allows us to leverage their extensive knowledge base, networks and capital to build on our strong foundation and position us for future growth for our customers."

GHO Managing Partners Alan MacKay and Mike Mortimer commented: "As experienced CDMO industry investors, GHO has deep expertise and experience to support the Avid management team as we move forward."

Ampersand Partner David Anderson said: "Avid has long been a trusted provider of biopharmaceutical development and manufacturing services, and we have great respect for its team’s expertise, broad range of customized services, and strong regulatory record. We look forward to leveraging our deep industry experience, focused strategy, and collaborative approach to drive growth.”

The transaction has been unanimously approved by Avid’s Board of Directors and is expected to close in the first quarter of 2025, subject to customary closing conditions.