Life Science Industry Executive Mark Thornton Named CEO of New Company
AVON, N.Y. and NASHVILLE, Tenn., August 7, 2023 — Iron Path Capital (“Iron Path”), a private equity firm focused on healthcare and specialty industrials, is pleased to announce its partnership with Aldon Corporation (“Aldon”), a leading private-label manufacturer and distributor to the healthcare, life science and STEM education end markets. Aldon will serve as the first investment under VION Biosciences LLC (“VION Biosciences”), Iron Path Capital’s go-forward roll-up platform in the life science sector that will be led by life science industry veteran and former Avantor executive, Mark Thornton.
Aldon is a producer of specialty, private-label lab chemicals and chemical contract manufacturing solutions in life science applications, including blending and repackaging capabilities and kitting solutions for healthcare and STEM education systems. Aldon’s unique positioning in the marketplace and relationships with sector industry titans make it an attractive first acquisition for the broader Iron Path Capital platform.
VION Biosciences is positioned to become a leading life science company providing both manufacturing and mission-critical chemicals and specialty reagents alongside value-added services, which enable scientific discovery, clinical testing, therapeutic development, and innovative solutions across a wide platform of key applications from research to commercialization. VION Biosciences is focused on expanding its domestic and global presence to build a leading specialty chemicals platform with a focus in the biopharmaceuticals and molecular diagnostics end markets through continued organic growth and via its well-developed acquisition strategy.
Scott Mraz, a founding partner of Iron Path Capital, commented, “The creation of VION Biosciences marks Iron Path’s second platform investment in the specialty chemicals and life science sectors. We are excited to partner with Mark and believe the acquisition of Aldon is an important first step in VION’s growth strategy.”
Thornton, CEO of VION said: “We see tremendous opportunity in the life science market to support those customers raising new technologies in the bioprocessing, diagnostic, and education segments to support both their research endeavors as well as their manufacturing and commercialization efforts through bringing together an enriched portfolio of critical reagents, specialty chemicals, and custom services to fit their very specialized set of needs. Aldon’s diverse set of capabilities and broad portfolio of chemical products are uniquely positioned to serve as the initial catalyst in the creation of VION Biosciences and its core mission ahead.”
Aldon is a leading producer of private-label lab chemicals in the Northeast, servicing its diversified customer base for over 50 years. As a leading specialty input manufacturer and producer, Aldon will serve as the cornerstone and foundation for VION Biosciences’ acquisition and growth strategy in the biochemical sector. VION Biosciences plans to continue its accelerated growth strategy by focusing on its global consolidation angle and reputation in key industry end markets supported by unparalleled customer relationships and service.
Alex Molinich, President of Aldon commented, “I look forward to continuing to drive Aldon forward as part of the VION Biosciences Executive team. This collaboration will allow us to diversify into markets we have not reached until now, which will help us grow and continue to meet customer needs.”
The transaction represents the fifth platform investment completed by Iron Path Capital.
McDermott is acting as its legal advisor and FORVIS, LLP is acting as Iron Path’s financial advisor.
About Aldon Corporation
Aldon Corporation is a leading private label chemical manufacturer and distributor of laboratory chemicals and kitting solutions servicing a wide range of industries with market-defining solutions and expertise. The company offers over 2,000 different chemicals in 13,000 sizes and configurations with tailored, customizable chemical solutions for its customers. Aldon is headquartered in Avon, New York and is privately held. www.aldon-chem.com
About Iron Path Capital
Founded in 2021 by seasoned investors and operating executives Rob Reistetter and Scott Mraz, Iron Path Capital is a private equity firm that specializes in building great businesses in the healthcare and specialty industrials sectors. With offices in Nashville, TN, and Charlottesville, VA, Iron Path Capital supports management teams with strategic leadership, operational expertise and flexible capital to achieve visionary growth plans through defined, defensible execution. www.ironpathcapital.com
About VION Biosciences
VION Biosciences is positioned to be a best-in-class life science platform delivering market-leading manufacturing and mission-critical chemicals and specialty reagents alongside value-added services to enable scientific discovery, clinical testing, therapeutic development, and innovative solutions across a wide platform of key applications in the biochemical and life science sectors, from research to commercialization.