Private equity firm Permira has acquired Lyophilization Services of New England (LSNE). As part of the transaction, LSNE founder and chief executive officer Matt Halvorsen will maintain a significant equity stake in the company and will continue to lead the company in his current role.

Founded in 1997, LSNE provides a wide range of development and manufacturing services to the pharmaceutical, biotechnology and medical device industries, specializing in aseptic fill/finish and lyophilization services.

In conjunction with the transaction, Claes Glassell, the former chief executive officer of CMC Biologics and a 30-year pharmaceutical industry veteran, will join as chairman of the board of LSNE in support of the management team and growth strategy.

The Permira funds’ investment will support the company’s growth opportunities, including expanding the company’s capacity to better serve its growing customer base and address commercial stage opportunities, extending its capabilities in manufacturing and development services, and pursuing selective acquisitions.

“This is an exciting new chapter for our company, and we are very pleased that Permira, with its global footprint and healthcare expertise, has recognized the growth potential in our business,” said Mr. Halvorsen. “The investment is a strong endorsement for LSNE and our highly talented workforce, and we look forward to taking advantage of the unique perspective and industry insight that the Permira funds will bring. LSNE and its customers will also benefit greatly from the involvement of Claes Glassell and we welcome him as chairman of our board.”

Mubasher Sheikh, partner at Permira and head of the global healthcare group, said, “We are thrilled to back LSNE, a specialized market leader with unique technical capabilities, an outstanding reputation and significant potential for further growth. We have been attracted to opportunities that benefit from the strong outsourcing trends across the healthcare industry and the underlying demand growth, in this case supported by continued growth for biologic medicines. With a strong leadership team and unique capabilities, LSNE is ideally positioned to capitalize on industry trends and expand its market position.”

The transaction is expected to close in the second quarter 2017.