Firstlight urges Sotera Health to launch sales process for Nelson Labs

On December 3, Firstlight Management LP sent a letter to the Board of Directors of Sotera Health (SHC) Company calling for a sale of its Nelson Labs subsidiary. The letter stated, in part, “Dear Members of the Board, As you know, Firstlight Management is a Utah-based investment firm founded by an alumnus of Tiger Management and Leonard Green & Partners. We are shareholders of Sotera Health and believe so strongly in the potential at the company that it is our only position. We believe SHC has an opportunity to create an enormous amount of shareholder value by selling Nelson Labs and we call on the Board to initiate a sales process. We would welcome a conversation with management if we need to be disabused of any misconceptions and, as always, we are happy to restrict ourselves in the stock and wall-cross if invited. Otherwise, we hope to see a public announcement for the launch of a strategic alternatives process for Nelson Labs.”