Activist investor Bernstein calls for strategic review and potential sale of UK's Porvair
19/05/2026 14:02
May 19 (Reuters) - Activist investor Richard Bernstein has called for a potential sale and strategic review of Porvair PORV.L, saying the strategic value of the British industrial machinery and equipment firm is "far greater than its operational value". Bernstein, the CEO of venture capital firm Eurovestech and the founder of investment firm Crystal Amber, said he had written to Porvair's chairman urging the board to explore strategic alternatives. The move comes as Porvair has benefited from strength in aerospace and nuclear demand, though volatility in petrochemical markets has tempered overall growth for the filtration equipment manufacturer. Key details of Bernstein's campaign: Bernstein holds less than 1% of Porvair in a personal capacity and indicated he would be willing to "substantially increase" his stake if there is evidence of change He highlighted governance constraints, saying top shareholder Giorgio Girondi, who owns 29% of the company according to LSEG data, has blocked share buybacks and limited the company's ability to issue equity for acquisitions or capital investment. Girondi did not immediately respond to a request for comment. The activist investor, who previously pushed for a sale at Conduit Holdings CRE.L after building a stake, said sector deals have taken place well above Porvair's valuation and added it would be "surprising if the company had not received expressions of interest or conditional offers". Porvair did not immediately respond to a request for comment. Shares in the company rose nearly 6% on Tuesday, though they have fallen more than 8% year-to-date. (Reporting by Raechel Thankam Job in Bengaluru; Editing by Tasim Zahid) ((RaechelThankam.Job@thomsonreuters.com;))