- Mike Cahill, vice-president of crystals at Saint-Gobain, will remain with the business and become CEO of Luxium
- Latham & Watkins LLP acted as legal counsel to SK Capital while Taft Stettinius & Hollister LLP acted as legal counsel to Edgewater
- SK Capital targets the specialty materials, specialty chemicals, and pharmaceuticals sectors
SK Capital Partners and Edgewater Capital Partners bought Saint-Gobain’s crystals business, the firms announced. No financial terms were disclosed.
The business, which is based in Hiram, Ohio, has been rebranded as Luxium Solutions.
On the deal, Mario Toukan, managing director of SK Capital, said in a statement, “We believe Luxium’s leading scintillation technologies and unique ability to solve problems with applied material sciences, combined with a strong existing base of talent will transform the company into an independent leader in the industry that acts as a true value-add partner for the various sectors it serves”.
Moving forward, Mike Cahill, vice-president of crystals at Saint-Gobain, will remain with the business and be named CEO of Luxium Solutions. Cahill has led the business under Saint-Gobain since 2015.
Latham & Watkins LLP acted as legal counsel to SK Capital while Taft Stettinius & Hollister LLP acted as legal counsel to Edgewater. Debt financing was provided by KeyBanc Capital Markets.
SK Capital targets the specialty materials, specialty chemicals and pharmaceuticals sectors. The firm currently has approximately $7.5 billion in assets under management.
Edgewater Capital Partners, headquartered in Cleveland, Ohio, invests in lower middle-market performance materials and services businesses.
Saint-Gobain is a multinational corporation, founded in 1665 in Paris and headquartered on the outskirts of Paris.