Washington, DC 2/8/19; Radnor, PA 2/8/19—Avantor, a provider of materials and consumables, equipment, and services and specialty procurement to the biopharmaceutical, health care, education and government, and advanced technologies and applied materials industries, has filed for an IPO. In 2017, company sales grew 80.4% to $1,247.4 million (see Bottom Line). Nine-month 2018 revenues grew 748.1% to $4,390.4 million, with VWR accounting for 79% of revenues. The company acquired lab equipment distributor VWR in November 2017 (see IBO 11/30/17). Nine-month adjusted net loss rose from $19.9 million to $33.6 million. Biopharma accounted for 49% of sales for the period, part of a total 65% sales from life sciences. Recurring revenue made up 85% of sales, including 33% of revenues being from proprietary materials and consumables.

Renaissance Capital estimates the IPO will raise $1.5 billion. As of September 30, 2018, Avantor had $7.2 billion in debt. Avantor, controlled by private equity firm New Mountain Capital, refinanced its debt when it acquired VWR, another New Mountain Capital company. Besides lab distributor and aftermarket supplier VWR, the company also owns the J.T. Baker lab chemicals business. VWR was a public company before it was acquired by Avantor.