Avantor’s new stock offering is making its private-equity owners rich; can it do the same for investors? – Philly.com

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Gupta started scouting chemical and pharma deals for New Mountain in 2009, shortly after his Rohm & Haas sale. Gupta quickly targeted the Mallinckrodt Baker “high-purity” lab, electronics and drug chemical supply business, then owned by Covidien, one of the firms Breen had spun off while dismembering Tyco. After a year’s “due diligence,” Gupta told me in 2016, New Mountain bought the business, renamed it Avantor, and began cobbling on other small companies.

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