American Industrial Partners (AIP) has finalized its acquisition of Avanos Medical, a medical technology firm, in a take-private deal valued at approximately $1.272 billion. Avanos stockholders will receive $25 per share in cash for their common stock.

David Pacitti continues to lead Avanos as CEO. AIP anticipates leveraging its operational expertise to foster growth for Avanos within the medical technology sector. Joel Rotroff, a partner at AIP, expressed confidence in Avanos's potential for long-term success under their partnership.

Avanos Medical, founded in 2014, is headquartered in Alpharetta, Georgia. The transaction involved legal and financial advisors for both AIP and Avanos, including Sidley Austin LLP, Ropes & Gray LLP, Baker Botts LLP, J.P. Morgan Securities LLC, Alston & Bird, LLP, and UBS Investment Bank.