Avanos Medical announced it has entered into a definitive agreement to be acquired by affiliates of American Industrial Partners in an all-cash transaction valued at approximately $1.272 billion.
Under the terms of the agreement, Avanos stockholders will receive $25.00 per share in cash, representing a premium of approximately 72.1% to the company’s closing stock price on April 13, 2026, and an 82.8% premium to its 30-day volume-weighted average share price.
The transaction has been unanimously approved by Avanos’ Board of Directors and is expected to close in the second half of 2026, subject to customary closing conditions, including stockholder approval and regulatory clearances. The deal is not subject to a financing condition. Upon completion, Avanos will become a private company and its shares will no longer be listed on the New York Stock Exchange.
The acquisition marks a significant milestone for Avanos as it continues to evolve into a more focused medical technology organization. The partnership with American Industrial Partners is expected to provide enhanced resources and operational expertise to accelerate innovation, strengthen competitive positioning, and support long-term growth initiatives.
Avanos, headquartered in Alpharetta, Georgia, develops and markets medical device solutions to improve patient outcomes, including products that support nutrition delivery and reduce opioid use in post-surgical care.
Support: Advisors on the transaction include J.P. Morgan Securities as lead financial advisor, with UBS Investment Bank also serving as financial advisor. Alston & Bird is acting as legal counsel to Avanos. For American Industrial Partners, Sidley Austin is serving as legal counsel and Baker Botts as regulatory counsel.
KEY QUOTES:
“Our agreement with AIP is a milestone for Avanos that reflects the strong momentum across the business. After careful consideration alongside our independent advisors, we are confident this agreement with AIP represents the right path forward for Avanos and its stockholders. The Board believes this transaction will maximize value for stockholders, create exciting new opportunities for employees, and best position Avanos for long-term growth and success.”
Gary Blackford, Board Chair, Avanos Medical
“Over the past several years, we have taken deliberate steps to become a more focused medical technology organization, leaning into the categories where we can deliver the most clinical value. Partnering with AIP will better enable us to build on our progress, advance our innovation roadmap, and strengthen our competitive position with enhanced flexibility and resources. AIP recognizes the strength of our talented employees and the role they serve in addressing today’s most important healthcare needs. I look forward to working with AIP as the Avanos team begins a new chapter, marked by growth and compelling benefits for employees, patients, customers, and all our stakeholders.”
David Pacitti, Chief Executive Officer, Avanos Medical
“Avanos is a differentiated medical technology company with strong positions in attractive categories and a compelling platform for continued growth. We look forward to partnering with the Avanos team to build on the Company’s momentum and support the next phase of innovation and commercial execution.”
Joel Rotroff, Partner, American Industrial Partners
“We have been impressed by the work the management team has done to position Avanos for growth, as well as by the strength of the Company’s people and products. We believe this partnership, together with AIP’s deep operational capabilities, will help advance management’s vision and position Avanos for long-term success.”
Sunny Li, Partner, American Industrial Partners
