D.C.-area investment firm investing in Charlottesville-based company
WASHINGTON (CBS19 NEWS) -- A Washington, D.C.-area investment firm is acquiring a Charlottesville-based business.
On Tuesday, Arlington Capital Partners announced a majority investment in Afton Scientific.
According to a release, Afton is a leading contract, development and manufacturing organization specializing in sterile manufacturing of injectible pharmaceuticals that has been in business for more than 30 years.
Afton also provides pre-sterlized vials and kits as well as works with products from pre-clinical trials through commercial-scale manufacturing.
“The demand for biologics is as robust as ever, contributing to a continued imbalance in supply and demand for aseptic CDMO services,” said Malcolm Little, a partner at Arlington Capital Partners. “Afton’s exemplary quality record and 30+ year history in manufacturing high-value pharmaceuticals and biologics, combined with Arlington’s experience scaling pharmaceutical services businesses, provides a strong platform from which to further grow and address this market need.”
The release says Afton founder and CEO Tom Thorpe will continue to lead the company and will retain a material shareholder position.
“Partnering with Arlington is a pivotal step in Afton’s growth trajectory. Their long history investing in pharmaceutical services and expertise in regulated industries makes Arlington the right partner to support our capacity growth and service offering expansion,” he said. “The strong tailwinds in our core markets as well as the increased focus on reshoring critical pharmaceutical manufacturing make it an ideal time for us to enter the next stage in Afton’s progression.”
Arlington Capital Partners specializes in government-regulated industries.