AVANOS MEDICAL acquired by AMERICAN INDUSTRIAL PARTNERS AIP
Context
American Industrial Partners has finalized a definitive agreement to acquire Avanos Medical in an all-cash transaction, a maneuver designed to fundamentally reinforce the target's competitive positioning in the specialized medical technology arena. The strategic rationale for this transaction centers on an "operational-transformation" play, merging the target's industry-leading technical operational depth in nutrition and pain therapies with the acquirer's extensive history of implementing transformative operating agendas. This structural alignment provides the organization with the institutional capital and private-market flexibility required to pursue a definitive expansion of its innovation roadmap without the pressures of public-market cyclicality.
AVANOS MEDICAL, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a level close to the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Avanos Medical operates as a premier technology organization dedicated to the engineering and distribution of clinically superior medical device solutions. The entity’s business model is centered on a high-fidelity diagnostic and therapeutic framework, specializing in the Specialty Nutrition Systems (SNS) and Pain Management and Recovery (PM&R) segments. Its value proposition is anchored in technical operational depth, providing mission-critical solutions such as enteral feeding tubes, neonatal feeding systems, and non-opioid surgical pain management therapies. Strategically, the firm focuses on the deployment of industrialized safety standards to reduce opioid dependency and facilitate the transition of patients from hospital to home care. By maintaining a specialized focus on technical reliability and life-sustaining nutrition delivery, the organization ensures a vital role in the structural advancement of post-operative and chronic patient care.
Ent. Value
$1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
10x–18x
EV / EBIT
15x–25x
Historical Financials (USD)
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2026 | 3I | LABORATOIRE NUTERGIA | FRANCE | Nutrition & Dietary Supplements |
| 05/2026 | STRYKER | AMPLITUDE VASCULAR SYSTEMS | UNITED STATES | Medical Devices |
| 04/2026 | HALMA | SURGISTAR | UNITED STATES | Medical Devices |
| 04/2026 | UCB | NEURONA THERAPEUTICS | UNITED STATES | R&D Biotech |
| 04/2026 | REVENIO GROUP CORPORATION | VISIONIX INTERNATIONAL | FRANCE | Diagnostic Equipment |
| 04/2026 | FINE FOODS & PHARMACEUTICALS | SOFAR | ITALY | CDMO |
| 04/2026 | DEVYSER DIAGNOSTICS | CYBERGENE | SWEDEN | Diagnostic Equipment |
| 04/2026 | VITREX MEDICAL GROUP | HERNIAMESH | ITALY | Implants & Prosthetics |
| 04/2026 | OURY MEDICAL | CÉFIMÉCA | FRANCE | Implants & Prosthetics |
| 04/2026 | FOR TALENTS / UI INVESTISSEMENT / GENEO | NEFTYS PHARMA | FRANCE | Animal Health |
REFERENCES
Valuation range: EV $1–10bn
Revenue range: $450–900M
EBITDA range: $50–100M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 10x - 18x
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: avanos medical
Acquirer: american industrial partners aip