UTi Worldwide Inc. largest shareholder took advantage of a post-earnings drop in the company’s share price last week to add to its stake in the Long Beach logistics company.
As disclosed in a Tuesday regulatory filing, P2 Capital Partners added more than 1.2 million shares to its UTi holdings on Dec. 13, the day the company reported a worse-than-expected third quarter and shares fell nearly 8 percent. The purchase brought the investment firm’s stake to 9.8 million shares, or 9.5 percent of outstanding shares in the $1.4 billion company.
P2 Capital is a New York hedge fund manager founded by Claus J. Moller, former managing partner at San Francisco private equity firm Blum Capital Partners. It became UTi’s largest shareholder in October, pulling ahead of Vanguard Group Inc. after increasing its stake from 4.9 percent to 8.3 percent.
At market close, UTi shares were unchanged at $13.07 on the New York Stock Exchange.