Pennant Capital Boosts BioScrip & MRC Global Positions ~ market folly

Tuesday, November 12, 2013

Pennant Capital Boosts BioScrip & MRC Global Positions

Alan Fournier's hedge fund firm Pennant Capital has filed 2 separate 13G's with the SEC regarding two of their pre-existing positions.

BioScrip (BIOS)

First, Fournier has revealed an increased stake in BioScrip (BIOS).  Per the filing, Pennant now owns 8.44% of the company with 5,737,773 shares.  This is an increase of 250% in their position size since the end of the second quarter.  The filing was made due to activity on October 30th.

Per Google Finance, BioScrip is "a provider of pharmacy and home health services, which partners with patients, physicians, hospitals, healthcare payors and pharmaceutical manufacturers to provide clinical management solutions and the delivery of prescription medications and home health services. Its platform provides service capabilities and the ability to deliver clinical management services, which offers patients a community-based and home-based care environment. Its core services are provided in coordination with, and under the direction of the patient’s physician. Its home health professionals, including pharmacists, nurses, respiratory therapists and physical therapists, work with the physician to develop a plan of care suited to its patients’ specific needs. In August 2013, BioScrip Inc completed the acquisition of the business of CarePoint Partners Holdings LLC and its subsidiaries."

MRC Global (MRC)

Second, the hedge fund also increased its holdings of MRC Global (MRC). Per the 13G filing, Fournier's firm now owns 7.34% of MRC with 7,468,433 shares.  This marks an increase of around 13% since the end of Q2.  The filing was required due to activity on November 7th.

Per Google Finance, MRC is "the distributor of pipe, valves and fittings (PVF) and related products and services to the energy industry. The Company operates in two segments: North American segment and International segment. Its North American segment includes over 180 branch locations, six distribution centers in the United States, one distribution center in Canada, 11 valve automation service centers and over 170 pipe yards located in the oil and natural gas regions in North America. Its International segment includes over 40 branch locations throughout Europe, Asia and Australasia with distribution centers in each of the United Kingdom, Singapore and Australia and 10 automation service centers in Europe and Asia. In July 2013, MRC Global Inc announced that it has completed the previously announced acquisition of the operating assets of Dan H. Brown, Inc., D/B/A Flow Control Products (Flow Control)."

blog comments powered by Disqus