UK-based pharmaceutical packaging supplier Colorcon has completed its previously announced acquisition of Airnov Healthcare Packaging.
Airnov supplies controlled atmosphere packaging for the pharmaceutical, nutraceutical and diagnostic industries.
The company provides customisable drop-in products such as canisters and packets, as well as integrated desiccant systems and plastic bottles that feature oxygen barrier materials.
It was previously owned by private equity firm Arsenal Capital Partners.
Airnov operates manufacturing facilities in the US, France, China and India, employing around 700 people in total.
The financial terms of the deal have not been disclosed.
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Colorcon CEO Simon Tasker said: “Airnov’s capabilities are a strong complement to Colorcon’s existing portfolio.
“Our partnership expands our platform of stability and moisture management solutions from core to coatings to in-package offerings.
“This acquisition reflects Colorcon’s goal to invest in innovative solutions that help developers of health and wellness products increase speed to market, improve quality and enhance their competitiveness.”
Colorcon entered an agreement for the acquisition in January this year.
The deal was expected to close in the first quarter of this year if approved by the French Works Council and other relevant regulatory bodies.
It is part of the company’s efforts to improve convenience, compliance and safety in the health and wellness sector.
Airnov president and managing director Matthias Brommer said: “We are excited about the opportunity to further accelerate the growth of Airnov by leveraging Colorcon’s global supply and service infrastructure.”
Based in Dartford, Colorcon provides speciality ingredients and formulated film coating systems for the pharmaceutical, nutritional and animal healthcare industries.
The company operates 11 manufacturing facilities and 25 technical service laboratories worldwide, employing around 1,400 colleagues.
Law firm Dechert acted as the legal counsel to Colorcon for the deal, while William Blair & Company and Kirkland & Ellis served as financial advisor and legal counsel to Airnov respectively.