Ampersand Capital Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Ampersand Capital Partners has acquired 16 companies. It has also invested in 12 others.

Ampersand Capital Partners’ most common sectors for investment arelife science (52%) and medical products (21%) . The Firm’s most common investment types include growth capital (29%) and buyout (lbo, mbo, mbi) (28%). In total, Ampersand Capital Partners has invested in 25 US states and 11 different countries. Its largest (disclosed) acquisition occurred in 2024 when it acquired Avid Bioservices for $1.1B.

In the last 3 years, Ampersand Capital Partners has exited 14 companies. The Firm’s most common exit type is trade sale (70%). Ampersand Capital Partners’ largest (disclosed) exit occurred in 2008 when it sold Talecris Biotherapeutics Holdings Corp for $3.1B.

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M&A Summary

  • M&A Total Activity138
    • M&A Buy Activity83
    • M&A Sell Activity55
  • Total Sectors Invested 15
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 64
  • M&A Advisors 4

Ampersand Capital Partners

Ampersand Capital Partners

55 William St., Ste. 240,
Wellesley, Massachusetts 02481
United States
(781) 239-0700
www.ampersandcapital.com
info@ampersandcapital.com

Ampersand Capital Partners is a middle-market private equity group that concentrates on growth equity investment opportunities in the healthcare sector. The Firm looks to invest $10 to $100 million in businesses with $10 to $100 million of revenue. Specific areas of interests within healthcare include lab products, specialty diagnostic equipment, pharmaceutical outsourcing, and specialty pharma. Ampersand generally prefers to be the first and sole institutional investor. Ampersand was formed in 1988 and is based in Wellesley, Massachusetts.


Investment Criteria

Sectors of Interest: Healthcare Services, Life Science, Medical Products, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Secondary Buyout, Stake Purchase, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic, Asia/Pacific

Transaction Criteria Min Max
Target Revenue 10 200
Target EBITDA 2 40
Investment Size 10 200
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (6.0/yr) # 53 3 8 11 3 5 83
vol $141M $1.2B $1.3B
Sell (3.0/yr) # 40 1 6 7 1 - 55
vol $6.2B $531M $152M $6.9B
  138

Most Recent M&A

Company Date Value Type
Gannet BioChem 2024-12-02 - Divestiture
Huntsville, Alabama · www.gannetbiochem.com
Avid Bioservices, Inc. 2024-11-06 1.1B USD Going Private
Tustin, California · www.avidbio.com
Nektar - Commercial PEGylation Reagent Manufacturing Business 2024-11-04 90M USD Divestiture
Huntsville, Alabama
Biologos LLC 2024-03-19 - Secondary Buyout
Montgomery, Illinois · www.biologos.com
Specac Ltd. 2024-03-13 - Secondary Buyout
Orpington, United Kingdom · www.specac.com
Julius Clinical Research B.V. 2023-11-28 - Recapitalization
Zeist, Netherlands · www.juliusclinical.com
AcuraBio Pty Ltd. 2023-08-17 - Bankruptcy
Darra, Australia · www.acurabio.com
NanoImaging Services, Inc. 2023-06-12 - Growth Capital
San Diego, California · www.nanoimagingservices.com
P95 CVBA 2023-05-02 - Recapitalization
Leuven, Belgium · www.p-95.com
Alcami Corp., Inc. 2022-11-08 - Secondary Sale
Wilmington, North Carolina · www.alcaminow.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Biosynth Ltd. 2021-11-01 Benen Trading Ltd. 2023-04-20 2
St. Gallen, Switzerland · www.biosynth.com Bray, United Kingdom
Biosynth Ltd. 2021-11-01 Fitzgerald Industries International, Inc. 2023-04-20 1
St. Gallen, Switzerland · www.biosynth.com Acton, Massachusetts
NuvinkaDx 2022-04-21 American Laboratory Products Co. 2022-04-21 2
Salem, New Hampshire · www.nuvinkadx.com Salem, New Hampshire · www.alpco.com
Biosynth Ltd. 2021-11-01 vivitide LLC 2022-03-17 8
St. Gallen, Switzerland · www.biosynth.com Gardner, Massachusetts · www.vivitide.com
Biosynth Ltd. 2021-11-01 EUCODIS Bioscience GmbH 2022-01-01 7
St. Gallen, Switzerland · www.biosynth.com Vienna, Austria · www.eucodisbioscience.com
Tjoapack Netherlands B.V. 2020-04-21 Pharma Packaging Solutions 2021-10-21 1
Etten-Leur, Netherlands · www.tjoapack.com Clinton, Tennessee · www.pharmapackagingsolutions.com
Precision Coating Co. Inc. 2021-09-20 N2 Biomedical 2021-09-20 2
Hudson, Massachusetts · www.precisioncoating.com Bedford, Massachusetts · www.n2bio.com

M&A by Sector

Sector Current # Value All-time # Value
Life Science 20 (63%) 1.2B (100%) 43 (51%) 1.3B (99%)
Medical Products 4 (13%) - 17 (20%) 18M (1%)
Chemicals 2 (6%) - 4 (5%) -
Healthcare Services - - 3 (4%) -
Software - - 3 (4%) -
Consumer Products - - 2 (2%) -
Information Technology 1 (3%) - 2 (2%) -
Manufacturing 1 (3%) - 2 (2%) -
Test/Measurement Equipment 1 (3%) - 2 (2%) -
Business Services 1 (3%) - 1 (1%) -
Consumer Services - - 1 (1%) -
Distribution - - 1 (1%) -
Packaging 1 (3%) - 1 (1%) -
Semiconductors - - 1 (1%) -
Transportation 1 (3%) - 1 (1%) -
Total 32 $1.2B 84 $1.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (63%) 1.2B (100%) 69 (82%) 1.3B (100%)
  Massachusetts 2 (6%) - 15 (18%) -
  California 3 (9%) 1.1B (92%) 12 (14%) 1.1B (83%)
  New Jersey 2 (6%) - 7 (8%) 123M (9%)
  Missouri 1 (3%) - 4 (5%) 18M (1%)
  Arizona 1 (3%) - 3 (4%) -
  Minnesota 1 (3%) - 3 (4%) -
  North Carolina - - 3 (4%) -
  Alabama 2 (6%) 90M (8%) 2 (2%) 90M (7%)
  New Hampshire 1 (3%) - 2 (2%) -
  Indiana 1 (3%) - 2 (2%) -
  Colorado 1 (3%) - 2 (2%) -
  Virginia 1 (3%) - 1 (1%) -
  Vermont 1 (3%) - 1 (1%) -
  Pennsylvania 1 (3%) - 1 (1%) -
  New York 1 (3%) - 1 (1%) -
  Illinois 1 (3%) - 1 (1%) -
  Wisconsin - - 1 (1%) -
  Washington - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  Ohio - - 1 (1%) -
  Michigan - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Georgia - - 1 (1%) -
  Florida - - 1 (1%) -
Netherlands 2 (6%) - 3 (4%) -
United Kingdom 2 (6%) - 2 (2%) -
Germany 2 (6%) - 2 (2%) -
New Zealand 2 (6%) - 2 (2%) -
Italy 1 (3%) - 1 (1%) -
Belgium 1 (3%) - 1 (1%) -
Sweden 1 (3%) - 1 (1%) -
Switzerland 1 (3%) - 1 (1%) -
Canada - - 1 (1%) -
  Quebec - - 1 (1%) -
Australia - - 1 (1%) -
Domestic 20 (63%) 1.2B (100%) 69 (82%) 1.3B (100%)
Cross-border 12 (38%) - 15 (18%) -
Total 32 $1.2B 84 $1.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 11 (34%) - 24 (29%) -
Buyout (LBO, MBO, MBI) 5 (16%) - 23 (27%) -
Venture 1 (3%) - 11 (13%) 18M (1%)
Recapitalization 4 (13%) - 7 (8%) -
Secondary Buyout 5 (16%) - 7 (8%) -
Divestiture 2 (6%) 90M (8%) 6 (7%) 90M (7%)
Going Private 1 (3%) 1.1B (92%) 2 (2%) 1.2B (92%)
Stake Purchase 2 (6%) - 2 (2%) -
PIPE 1 (3%) - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 32 $1.2B 84 $1.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 20 (36%) 6.8B (98%)
Trade Sale 19 (35%) 127M (2%)
Merger 5 (9%) -
Secondary Sale 5 (9%) -
IPO 3 (5%) -
Bankruptcy 1 (2%) -
Recapitalization 1 (2%) -
Unknown 1 (2%) -
Total 55 $6.9B

Top M&A Advisors

Financial Deals
William Blair
 1
Legal Deals
Ropes & Gray
 1
Edwards Wildman Palmer LLP
 1
Goodwin Procter
 1

Deal Values

buy # Total
> $1B 1 $1.1B
$100M to $1B 1 $123M
< $100M 2 $108M
TOTAL $1.3B
Largest Avid Bioservices, Inc.
$1.1B (2024-11-06)
sell # Total
> $1B 2 $4.8B
$100M to $1B 9 $2.0B
< $100M 2 $76M
TOTAL $6.9B
Largest Talecris Biotherapeutics Holdings Corp
$3.1B (2008-08-12)

M&A Connections

Deals
Acquired from
Investor(s)
8%
7 (8%)
Strategic(s)
7%
6 (7%)
Exited to
Investor(s)
11%
6 (11%)
Strategic(s)
76%
42 (76%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

3.0B USD

Established

1988

Specialist/Generalist

Specialist

Leadership

Richard Charpie

Founder & Managing Partner

David Anderson

General Partner

David Parker

General Partner

Eric B.Lev

General Partner

Herbert Hooper

Managing Partner

FAQ

When was Ampersand Capital Partners founded?

Ampersand Capital Partners was founded in 1988.

What type of investor is Ampersand Capital Partners?

Ampersand Capital Partners is a growth capital firm.

Where is Ampersand Capital Partners headquartered?

Ampersand Capital Partners is headquartered in Wellesley, Massachusetts.

How much capital does Ampersand Capital Partners have under management?

Ampersand Capital Partners has 3.0B USD under management.

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