Sterlington advises Avanos management on $1.27B AIP buyout

Sterlington is advising the management team of Avanos Medical on its $1.27 billion acquisition by American Industrial Partners, a deal that hands shareholders a 72% premium to the stock's undisturbed price.

The law firm is counseling Avanos' executives on all aspects of the take-private transaction, according to a statement Wednesday. Avanos, a medical technology company based in Alpharetta, Georgia, makes surgical solutions and pain management products.

The Sterlington team is led by executive compensation partner Jeremy Goldstein and corporate partners Christopher Harrison and Evan Coren. The engagement adds to the firm's growing roster of management-side advisory work in take-private deals.

Sterlington has advised management teams in 25% of all US take-private transactions valued at $1 billion or more announced over the past 12 months, the firm said. Previous engagements include Clearwater Analytics, Janus Henderson Group, DigitalBridge, and Heidrick & Struggles. The Avanos deal also marks Sterlington's latest healthcare-sector mandate, following work for Syneos Health, Designs for Health, and Florida Cancer Specialists & Research Institute.

The acquisition by AIP, an industrial-focused private equity firm, shows the continued appetite for healthcare companies among buyout firms. Deal terms, including the expected closing timeline and required regulatory approvals, have not yet been disclosed.

This article is for informational purposes only and does not constitute investment advice.