Avantor Performance Materials and Nusil Technology to merge

Merger creates global leader in life science and advanced technology materials.

The combined company, to be named Avantor, will provide performance materials and solutions for the production and research needs of over 6,500 customers across the biotechnology, pharmaceutical, medical device, diagnostics, aerospace & defense, and semi-conductor industries. The combination brings complementary technologies and advanced analytical capabilities together to create a portfolio of over 30,000 products that meet increasingly stringent standards across technology-driven and highly-regulated markets. The company will be particularly well positioned to support the industrialization of the biopharmaceutical sector through its bioprocessing and biomaterials offerings with a focus on productivity and quality. Combined revenues will be over $700 million, growing at 14% per year.

"Avantor and NuSil both share a long-standing commitment to collaborate with customers to develop innovative products that meet the most stringent quality and regulatory standards," said Michael Stubblefield, CEO of Avantor. "Both companies have been highly successful and fast growing on their own, and together we will offer even more comprehensive product lines and technological advantages. We at Avantor look forward to working with the NuSil team to capture the full potential from this combination."

"We see significant growth opportunities resulting from the combined resources of Avantor and NuSil," said Ernest Waaser, CEO of NuSil. "Both Avantor and New Mountain Capital share the same vision of creating the global sales and technology leader in ultra-high-purity materials for life sciences and advanced technology applications.

Matt Holt, Managing Director at New Mountain Capital, said, "Both Avantor and Nusil have transformed in very positive directions under New Mountain's ownership, with strong organic growth and attractive margins. The combined company will have strong positions across the drug lifecycle value chain including particular strengths in the bioprocessing and biomaterials segments, which we see as two highly attractive end markets that increasingly converge. We look forward to continuing to work with management to build the combined company."