Arsenal Capital Partners has announced it has sold Airnov Healthcare Packaging to Colorcon.
Airnov, with manufacturing facilities in the United States and a few other countries, is a producer of consumables used to protect healthcare products from moisture and oxygen. The company’s products including drop-ins such as canisters and packets, integrated desiccant systems and plastic bottles containing oxygen barrier materials.
Arsenal, based in New York, is a private equity firm specializing in investments in middle market healthcare and specialty industrials companies. Founded in 2000, the firm seeks control investments in companies with the capacity to use $50 million to $300 million of equity, including add-on acquisitions.
Colorcon, based in Harleysville, Pa., develops, supplies and provides technical support of formulated film coating systems, modified release technologies and functional excipients for the pharmaceutical, nutritional and animal health industries.
Terms of the transaction were not disclosed.