Kester Capital, a primary buyout specialist, is to sell a majority stake in Avania to global private equity firm, Astorg.
Avania is one of the leading global clinical CROs (Contract Research Organisations) dedicated to medical technology. Astorg’s Mid-Cap fund, alongside Kester – which intends to retain a minority stake – will actively support management’s plans to accelerate Avania’s development, organically and through M&A.
The sale of Avania will deliver a return of over 8x and is the fifth consecutive exit for Kester to achieve a return of over 3x.
The firm’s current fund, Kester Capital II, closed above target at its hard cap of £90 million in August 2020.
