Profile

Founded in 1988, Ampersand Capital Partners is a middle-market private equity firm dedicated to growth-oriented investments in the life sciences and healthcare sectors with $4 billion of assets under management. Ampersand invests in companies that support the life sciences ecosystem, including laboratory products and services, contract manufacturing, pharma services and specialty products. With offices in Boston, MA, Amsterdam, Netherlands, and London, UK, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. The firm specializes in the “picks and shovels” of healthcare, partnering with companies that provide mission-critical tools and services to life sciences innovators developing breakthrough medicines and medical devices. Ampersand’s core investment sectors are interrelated, and portfolio companies in one sector often interact with participants in adjacent sectors, providing differentiated insights and value-creation opportunities. 

Ampersand transcends a traditional investment role, leveraging its unique industry expertise to closely collaborate with portfolio company founders and leadership teams on both a scientific and growth strategy level. This fully integrated approach has been the foundation of many success stories, working with founders to build companies into industry leaders. 

For additional information, visit www.ampersandcapital.com.

Awards

2025 Top Private Equity Firms, Top Healthcare Investors, Top 40 Under 40 Growth Investors, Top Growth Equity Firms

2024 Top Growth Equity Firms, Top Private Equity Firms

2022 Top 40 Under 40 Growth Investors

2015 Top Growth Equity Firms

Features

Healthcare Growth Investor: Ampersand’s David Anderson

GrowthCap’s RJ Lumba spoke with David Anderson on October 2, 2024. David joined Ampersand in 2010. Previously, David spent six years with Covington Associates, a specialty investment bank focused on middle-market M&A in the healthcare sector. Prior to Covington, he spent five years as a consultant for Boston Healthcare Associates.

Key People

Herbert H. Hooper, Managing Partner

Herb joined Ampersand in 2002 and has more than 30 years of experience working with healthcare companies – first as an entrepreneur at Ampersand portfolio company ACLARA Biosciences, and later as an Ampersand Partner and then Managing Partner. His current and past board seats include Adaptas Solutions, Alcami, Arranta Bio, Avista Pharma, Brammer Bio, Genoptix, Meadowhawk, Nexelis, and Viracor-IBT Laboratories. Herb holds a B.S. in Chemical Engineering from North Carolina State University and a Ph.D. in Chemical Engineering from the University of California, Berkeley. He served on the UC Berkeley College of Chemistry Advisory Board for over a decade and currently serves as a Trustee of the UC Berkeley Foundation.

David Q. Anderson, General Partner

David joined Ampersand in 2010. Previously, David spent six years with Covington Associates, a specialty investment bank focused on middle-market M&A in the healthcare sector. Prior to Covington, he spent five years as a consultant for Boston Healthcare Associates. David’s current and past board seats include AnaBios, ArrantaBio, Avid Bioservices, BioClinica, Brammer Bio, Cellero, Gannet Biochem, Genezen, Protogene, StageBio, and Vibalogics. David holds a B.Sc. from the University of Aberdeen, a Ph.D. in Immunology from the University of Sheffield and an M.B.A. from Babson College.

Eric B. Lev, General Partner

Eric, who joined Ampersand in 2013, has over 20 years of middle market healthcare investment experience. Eric’s current and past board seats include ALPCO, Biologos, Biosynth, CutisPharma, Genoptix, iuvo Biosciences, LakePharma, Leinco Technologies, Nexelis, Nexcelom, P95 and Resolian (formerly Alliance Pharma). Before joining Ampersand, he spent seven years as a member of the investment team at Water Street Healthcare Partners. Prior to Water Street, Eric worked at Beckman Coulter and One Equity Partners. Eric holds a B.A. in Economics from Northwestern University and an M.B.A. from the University of Chicago.

David J. Parker, General Partner

Joining Ampersand in 1994, David has more than 25 years of private equity experience. He served as full time CFO and head of Corporate Development at Ampersand portfolio companies NOVEX (1997) and Victory Pharma (2007-2010), in each case returning as a General Partner to Ampersand. David is based in our Amsterdam office. His current and past board seats include Avista Pharma, Bako, Bioventus, CurTec, GenDx, Gyros PTI, Julius Clinical, MedPharm, NanoImaging Solutions, NOVEX, Roadrunner Pharmacy, Signature Genomic Labs, Specac and Tjoapack. Prior to joining Ampersand, David spent a combined five years in management consulting at Bain and Mercer and four years in corporate lending at Bank of Boston. He holds a B.A. in Government with a minor in Economics from Dartmouth and an M.B.A. from Wharton.

Trevor L. Wahlbrink, General Partner

Trevor joined Ampersand in 2012. Prior to joining Ampersand, Trevor was an Associate at middle market investment banks Morgan Keegan (now Raymond James) and Covington Associates. At Covington, Trevor focused on M&A transactions of founder-owned healthcare companies. Since joining Ampersand, Trevor has spent significant time in the outsourced pharma and medical device services industries and currently serves on the Boards of Directors of Confluent Medical, Lexington Medical, MedPharm, Phosphorex and Vantage MedTech. He previously served on the Boards of Avista Pharma Solutions, Corpus Medical, ETE Medical, iuvo Biosciences, Precision Coating and TriPharm Solutions. Trevor holds an M.S. and a B.S. in Accounting and Finance from Boston College and is a CFA Charterholder.

Matthew R. Norton, General Partner

Matthew joined Ampersand in 2025 as a General Partner based in the London office, where he leads the firm’s European efforts. He brings nearly two decades of healthcare investment experience, most recently serving as a Partner at Cinven, where he led transformative transactions across Europe and the U.S. and served on the boards of several healthcare companies, including Medpace, Stada, BioAgilytix, and LGC. Earlier in his career, Matthew worked in investment banking at Citi and in audit and advisory at Arthur Andersen/Deloitte. He holds a first-class MSci in Physics from Imperial College London and studied at the Institut National Polytechnique in Grenoble, France.

Funds Raised

Key Investments

Adaptas: Invested January 2018, exited December 2021
Sector: Lab Products / Contract Manufacturing

Contract Manufacturer of Mass Spectrometry, Liquid Handling and Lab Automation Equipment 

Alcami: Invested April 2019 (TriPharm), Initial recap December 2022 (current minority investor)
Sector: Pharma Services

CDMO Supporting Sterile Fill-Finish and Oral Solid Dose Drug Product Manufacturing, Biologic and Small Molecule Lab Services and cGMP Biostorage 

ALPCO: Invested September 2020, Current Portfolio Company
Sector: Lab Products

Developer and Manufacturer of Molecular and Immunodiagnostic Products Focused on Infectious, Gastroenterological and Genetic Diseases

Avid Bioservices: Invested February 2025, Current Portfolio Company
Sector: Pharma Services

Biologics CGMP CDMO

Confluent: Invested April 2011, Initial recap February 2022 (current minority investor)
Sector: Contract Manufacturing

Materials Science, Development and Manufacturing Partner to Medical Device OEMs

CurTec: Invested July 2025, Current Portfolio Company
Sector: Specialty Products

High-performance Plastic Packaging for the Pharmaceutical, Specialty Chemicals, and Logistics Industries  

Gannet BioChem: Invested December 2024, Current Portfolio Company
Sector: Specialty Products

CDMO Specializing in Polyethylene Glycol (PEG) Reagents

Lexington Medical: Invested April 2025, Current Portfolio Company
Sector: Specialty Products

Minimally Invasive Surgical Stapling Solutions  

Magritek: Invested March 2021, Current Portfolio Company
Sector: Lap Products

Benchtop NMR Instruments for Life Sciences 

Nexcelom: Invested March 2018, exited June 2021
Sector: Lap Products

Developer and Manufacturer of Automated Cell Counting Instruments and Image Cytometry Workstations

Nexelis: Invested August 2018, exited January 2022
Sector: Lab Services

Assay Development and Advanced Laboratory Testing Services with Expertise in Immunology and Vaccine Testing 

P95: Invested April 2023, Current Portfolio Company
Sector: Pharma Services

Full-service CRO Focused on Neuroscience, Infectious Disease & Vaccines, and Cardiometabolic

Precision Coating: Invested June 2019, exited January 2025
Sector: Contract Manufacturing

Medical Device Coating Application Services 

Tjoapack: Invested April 2020, exited April 2026
Sector: Pharma Services

Pharmaceutical Contract Packaging Organization (CPO)

Vibalogics: Invested May 2019, exited April 2022
Sector: Pharma Services

CDMO of Oncolytic Viruses, Viral Vectors for Gene Therapy and Viral Vaccines

VIVEbiotech: Invested December 2024, Current Portfolio Company
Sector: Pharma Services

Lentiviral Vector GMP CDMO

Capital Responsibility

Ampersand prides itself in being an impact-oriented investor by investing in businesses that help accelerate the development and commercialization of novel medicines, diagnostic methods and medical devices to improve the human condition. The company mission as a private equity firm is to invigorate the life sciences ecosystem by partnering with founders, entrepreneurs and companies and helping them to realize their goals of enabling life-saving discoveries and innovations. In looking across their entire portfolio, current and realized, their investment partnerships span medical devices, diagnostics, therapies, pharmaceuticals, research services and lab instrumentation, to name a few. 

CEO Reviews

Mark Bamforth, President & CEO, Brammer Bio & Arranta Bio

“As a CEO working with Ampersand, I had an expanded team on my side. Their commitment and knowledge of the life sciences service sector means that they have a deep understanding of business strategy and seek to add value as a strategic partner for both acquisitions and organic growth. Ampersand backed the Brammer Bio Leadership team to make bold, impactful decisions that enabled us to establish the market leadership position in our field.”

Benoit Bouche, President & CEO, Nexelis

“With over 30 years of exposure to healthcare private equity groups of all sizes, Ampersand has the best team of professionals I have ever met. They possess deep sectorial knowledge, actively contribute to strategic thinking and M&A, and maintain a supportive attitude for fully transparent discussions and collaboration.”

Dan Calvo, President & CEO, Assay Designs & Gyros Protein Technologies

“I have worked with Ampersand twice as a CEO over the last decade. I have been continuously impressed by their deep knowledge in the life science market, operational guidance, and the culture they promote within the companies in which they invest. They seek to empower the executive team to establish and execute strategic and operational plans to increase the value of the company for customers, employees and shareholders.”

Peter Li, President & CEO, Nexcelom Bioscience

“The Ampersand team has been incredibly helpful in developing Nexcelom to the next level. They bring a wealth of invaluable industry knowledge, insight, and connections to the company. Partnering with Ampersand has helped Nexcelom attract management talent, upgrade business infrastructure, and strategically expand into new geographic locations and new customer communities.”

Amy Liao, President & CEO, GENEWIZ

“Ampersand provided valuable support and guidance with strategic discussions, M&A opportunities, and development of new capabilities. We felt extremely fortunate to have Ampersand as a strategic investor in GENEWIZ.”

Jay Ray, President & CEO, Adaptas Solutions

“In our first three years we have completed five acquisitions that have solidified our leadership position among mass spectrometer OEMs. Ampersand has been a valued strategic partner and provided the resources to build our organization to support this rapid growth. Their knowledge of our industry and network are helping Adaptas Solutions reach its maximum potential.”

Dean Schauer, President & CEO, Confluent Medical Technologies

“Having worked in the Medical Device Industry with multiple private equity firms, Ampersand has one of the best teams I have experienced. They possess shared organizational values, character, intelligence, and humility. They are a straightforward and honest group that provides outstanding collaborative support to their portfolio management teams.”