Sterigenics International LLC, which is backed by Warburg Pincus and GTCR, has named Michael B. Petras Jr. as CEO. The appointment becomes effective June 20, 2016. Petras will succeed Michael Mulhern, who has been tapped as executive chairman of the Sterigenics board of directors. Most recently, Petras served as president of Cardinal Health Inc‘s post-acute solutions businesses. Sterigenics is a provider of contract sterilization, gamma technologies and medical isotopes.
DEERFIELD, Ill., June 1, 2016 /PRNewswire/ — Sterigenics International LLC (“Sterigenics” or “the Company”), the leading global provider of contract sterilization, gamma technologies and medical isotopes, and a portfolio company of Warburg Pincus and GTCR, today announced that Michael B. Petras, Jr. has been appointed Chief Executive Officer (“CEO”), effective June 20, 2016. Mr. Petras succeeds Michael Mulhern, who has been appointed to serve as Executive Chairman of the Sterigenics Board of Directors.
Mr. Petras has more than twenty-five years of leadership experience, most recently serving as President of Cardinal Health, Inc.’s Post-Acute Solutions businesses. Before joining Cardinal, Mr. Petras was the CEO for AssuraMed, a leading medical products supplier, which Cardinal Health, Inc. acquired for approximately $2 billion in 2013. He also worked at General Electric for more than two decades, including serving as President and CEO at GE Lighting and Industrial, a $6 billion GE business unit with more than 30,000 employees in over 100 locations worldwide. Mr. Petras also serves on The Cleveland Clinic’s Board of Directors.
“Michael Petras is a highly regarded leader with significant experience in both the medical products and services industry, as well as broad-based industrials from his time at GE. He is ideally suited to lead Sterigenics,” said Jim Neary, Board Director, Sterigenics, and Managing Director and member of the Executive Management Group, Warburg Pincus.
Mr. Petras commented, “I am thrilled to join Sterigenics. The Company has leading market positions, excellent momentum, and a strong commitment to its customers and improving global public health. I look forward to working closely with Michael Mulhern and the rest of the Sterigenics team to continue aggressively growing the business through organic initiatives and active M&A efforts.”
Mr. Mulhern commented, “It has been a privilege to lead Sterigenics and I believe we have never been better positioned to be the global leader in each of the markets we serve. I am excited to have Michael join the company and to continue working with the talented Sterigenics team as Executive Chairman.”
GTCR Managing Director Dean Mihas added, “The Board of Directors is deeply grateful to Michael Mulhern for his invaluable contributions to Sterigenics over the past five years. We look forward to his continued involvement and insights as Executive Chairman.”
About Sterigenics International LLC
Sterigenics International LLC, along with its affiliates, is a global leader in outsourced contract sterilization services, gamma technologies and medical isotopes, and the only vertically integrated sterilization company in the world. Operating out of 48 facilities in 13 countries across the Americas, Europe and Asia, Sterigenics provides contract sterilization and ionization services for the medical device, pharmaceutical, food safety, and high-performance materials industries. Sterigenics offers microbiological and analytical testing and consultancy to assist customers in developing and maintaining sterilization solutions in medical devices, tissue/implantable products, and pharmaceuticals and biologics fields. Affiliate Nordion positions Sterigenics as the world’s largest provider of Cobalt-60 used in the gamma sterilization process as well as medical isotopes used in the diagnosis and treatment of various diseases and cancers. Sterigenics International LLC and its affiliates serve more than 2,500 customers around the world and is owned by private equity firms Warburg Pincus and GTCR.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $40 billion in assets under management. The firm’s active portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 15 private equity funds, which have invested more than $55 billion in over 750 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mauritius, Mumbai, San Francisco, São Paulo and Shanghai. For more information, please visit www.warburgpincus.com.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $12 billion in over 200 companies. For more information, please visit www.gtcr.com.