NEW YORK—Private equity firm New Mountain Capital L.L.C. has completed an initial public offering of Avantor.
New Mountain said in a May 17 news release it formed Avantor for an enterprise value of $280 million in August 2010 through the acquisition of Mallinckrodt Baker, a discontinued operation of Covidien. Avantor's current enterprise value is more than $14 billion, based on its IPO price.
The firm added that Avantor has grown to $5.9 billion in revenue in 2018, up from $414 million in 2009, with 12,000 employees. New Mountain said it continues to be Avantor's largest shareholder, with a position valued at about $1.5 billion based on the IPO price, not including dividends received prior to the offering.
"This IPO marks an important milestone in our ongoing partnership with Avantor," Matt Holt, New Mountain managing director, said in a statement. "New Mountain identified Avantor as part of a proactive deep dive into the life sciences supply chain, and we believe Avantor's ability to leverage technology will continue to drive efficiency and modernization of the life sciences supply chain. We are also honored to be partners with one of the best management teams in the industry."
Avantor is a leading global provider of mission critical products and services to customers in the biopharma, health care, education, government, advanced technologies and applied materials industries. Since New Mountain's investment, Avantor has developed a portfolio of customized product and service offerings to serve the needs of demanding customers in the life sciences and advanced technology industries.
New Mountain said it has supported significant growth investment at Avantor, including new product development, improved sales and marketing infrastructure and new IT systems. The equity firm also led a series of strategic acquisitions which gave Avantor global scale, differentiated technology, increased access to distribution channels and world-class manufacturing capabilities.
In 2017, New Mountain merged Avantor with its NuSil—both owned by the equity firm at the time. The combination allowed NuSil, a producer of silicone products, to leverage Avantor's global base. Prior to the merger, Avantor did not have a silicone presence.