Avista Announces Sale of its Facility
News Sep 09, 2016
Avista Pharma Solutions, Inc. has announced the sale of its facility in Eagan, Minn. to Microbiology Research Associates (MRA, Acton, Mass.), a portfolio company of Thompson Street Capital Partners (TSCP). The Eagan facility, which operates as Accuratus Lab Services (Accuratus), is a leading provider of testing services for antimicrobial products that are regulated by the Environmental Protection Agency (EPA).
The sale marks another successful strategic exit for Ampersand Capital Partners (Ampersand), the private equity owner of Avista Pharma, and allows Avista Pharma to focus on its core market in contract services to the pharmaceutical industry. “Our Accuratus site in Eagan has been a high-performing site for Avista Pharma, and we want to thank the leadership team and employees for their dedication to the business,” said Mr. Patrick Walsh, Chief Executive Officer of Avista Pharma.
Avista Pharma was formed through the strategic combination of three complementary businesses serving the pharmaceutical, animal health and medical device industries. With the strong support of Ampersand, Avista Pharma continues to grow as a best-in-class contract testing, development and manufacturing organization (CDMO) with locations in Durham, N.C.; Longmont, Colo. and Agawam, Mass.
This growth includes ongoing investment in its 26,000-square-foot facility in Agawam that provides Microbiology and Analytical Chemistry testing services as well as Clean room services. Avista Pharma was represented on the transaction by Fairmount Partners (www.fairmountpartners.com), an investment banking firm based in West Conshohocken, Pa.