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News | 1 min read

Drug monitoring company Averhealth expands with acquisition

May 20, 2021

A Richmond-based company that manages drug-testing programs for health care providers, substance-abuse programs and courts around the nation is expanding its footprint through an acquisition.

Averhealth, which is based in Richmond’s Scott’s Addition area, said Wednesday that it has acquired Aspenti, a drug-testing and diagnostics company based in Burlington, Vt.

Financial terms of the deal were not disclosed.

The company made the acquisition along with Five Arrows Capital Partners, which is the North American private equity business of Rothschild & Co. Merchant Banking, the investment arm of Rothschild & Co. that has more than $19 billion of assets under management.

Averhealth has grown from a small business with a dozen employees about 10 years ago to a company that now has a nationwide reach and more than 500 workers, including at a laboratory in St. Louis and at Averhealth offices in 30 states.

Read the full story here.