Listed asset manager American Capital Strategies has invested $66 million (€45 million) in medical device maker Avalon Laboratories. The investment was in the form of a senior term loan, senior subordinated debt and convertible and preferred common equity, in addition to a revolving credit facility.
Avalon manufactures disposable cardiopulmonary vascular cannulae, devices that connect patients to life support machines.
“Avalon holds the leading position in its niche market, supplying over 75 percent of spring-reinforced cardiopulmonary vascular cannulae used globally,” American Capital vice president Brian Martin said in a statement. “The company has achieved impressive manufacturing capabilities and has substantial growth opportunities with its recently expanded product offerings and the emerging lung support market.”
Avalon founder and chief executive Robert Roster will continue in that role, and will retain an ownership interest in the company.
The investment is American Capital’s sixth in the life sciences and medical technology industries. Last year the firm invested $8.9 million in female-focussed medical device maker HALT Medical in July, and $31 million in medical packaging services provider J-Pac in February.
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