Michael B. Petras Jr. knows a thing or two about deal making. As an ASPIRE 2017 panelist, he talked about his experience on the sell side.
With Sterigenics International's acquisition of Toxikon Europe N.V., he gets to flex his acquisition skills as well.
Petras has worked for Jack Welch and Jeff Immelt at General Electric, James McNerney Jr. at Boeing and Dave Calhoun at Nielsen. He put AssuraMed in position to be acquired by Cardinal Health and is now strengthening Sterigenics’ position as a global leader in the sterilization industry.
The Toxikon deal comes as the global sterilization services market begins an expected 6.7 percent growth period. Among the leaders in the industry is Sterigenics.
And Petras plans to keep it that way.
“I want to win,” Petras told Smart Business Cleveland earlier this year. “I never want to be satisfied. We’re a market leader and I view it that everybody wants our spot and we can’t let that happen.”
The deal for Toxikon is expected to make Sterigenics’ Nelson Labs one of the premiere global extractables and leaching laboratory testing platforms for the pharmaceutical and medical device industries.
Nelson Labs can now offer Toxikon Europe’s E&L capabilities to its customers while bringing its microbiological services to Toxikon Europe’s customers.
Terms of the deal were not disclosed.
Sterigenics International — which moved its headquarters to Broadview Heights from suburban Chicago when Petras took over as CEO — also just announced a name change to Sotera Health.