A $486M Exit Closes the Books on Sotera Health

Warburg Pincus and GTCR sell their entire Sotera Health stake via a $486M secondary offering, ending an eleven-year PE chapter

1 Jun 2026

Warburg Pincus and GTCR have sold their entire remaining stake in Sotera Health, raising $486mn through a secondary offering of 31.8 million shares underwritten by Goldman Sachs. The sale, completed on May 13, 2026, ends an ownership period that began when the two firms acquired Sotera's predecessor in 2015. Neither retains any equity in the company.

The exit captures a significant expansion in the business. Annual revenues stood near $630mn when the sponsors first invested. By 2025, they had reached $1.164bn. Adjusted EBITDA rose by more than $300mn over the same period. Sterigenics, the group's core operating unit, posted first-quarter 2026 revenues of $186mn, up 9.7% year-on-year.

Sotera sold no shares in the transaction and received no proceeds. The deal transfers ownership cleanly to public market investors, with no recapitalisation element.

Timing added weight to the announcement. Days before the offering priced, Sotera reported group revenues of $280mn for the first quarter of 2026, a 10% increase, and swung from a prior-year net loss to net income of $26.6mn. Around the same time, the company confirmed that Alton Shader, formerly of Viant Medical, would take over as chief executive on May 26. His background points toward acquisitions and commercial growth.

Sotera still faces ethylene oxide litigation across several US states, a matter that a new executive focused on expansion will need to manage alongside broader investor expectations. Full public ownership introduces sharper scrutiny of international performance, including the continental European facilities that medical device makers rely on for product release and regulatory compliance.

Beyond the exit itself, the deal marks a broader shift in how sterilisation services are valued. Whether the sector can sustain that profile under public ownership, new leadership, and ongoing legal pressure remains an open question.