Engine Capital Management, based in NYC, purchased 14.2 million shares of Avantor in Q3, raising its stake by $172 million. The fund now holds 19.7 million Avantor shares worth $246.1 million, making it their largest holding as of September 30. Avantor represents 29.2% of Engine Capital’s 13F AUM. Shares were priced at $10.93 on Friday, down 48% over the past year. Avantor provides high-purity chemicals, laboratory supplies, and specialized instrumentation for life sciences and advanced technology sectors. The company generates revenue through consumables, equipment, and services for various industries globally. Avantor, Inc. is a global supplier of mission-critical products and services for biopharma, healthcare, education, and advanced technology industries. Engine Capital’s increased concentration in Avantor signals confidence in the company’s long-term value. Avantor’s recent financial results showed a decline in net sales, with adjusted EBITDA and free cash flow remaining strong. Engine Capital’s significant stake in Avantor suggests a belief in the company’s long-term potential. Engine Capital’s increased concentration in Avantor signals confidence in the company’s long-term value.

Read more at Yahoo Finance: Why One Hedge Fund Just Put $246 Million Into This Life Sciences Supplier