Descendants of SI Group founder W. Howard Wright signed an agreement on June 1 to sell the business to SK Capital, whose portfolio includes 14 companies that make additives, active pharmaceutical ingredients and other chemicals used in paper, textiles and oil fields.
SK Capital Partners, a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, has announced an agreement to acquire SI Group, a leading global developer and manufacturer of performance additives and intermediates. Headquartered in Schenectady, New York, US, SI Group operates 20 manufacturing facilities on five continents with more than $1 billion in annual sales and over 2 800 employees worldwide.
SI Group is being acquired from the descendants of W. Howard Wright, who founded the company in 1906. At the close of the transaction, SK Capital will combine SI Group and Addivant, a leading global supplier of additives including antioxidants, antiozonants, inhibitors, polymer modifiers and UV stabilisers used by customers to improve the production and performance properties of polymers, plastics and rubbers. SK Capital has owned Addivant since 2013.
Barry Siadat, a co-founder and Managing Director of SK Capital, noted, “We are excited that SI Group will be joining the SK Capital portfolio of chemicals and pharmaceuticals businesses. SI Group has an excellent fit with the technologies and end markets of several SK Capital businesses, including Addivant in additives, Noramco in the area of pain management pharmaceuticals, and the TPC Group in building block chemicals for certain SI Group products. These technology and market connections will enhance and accelerate the continued growth and transformation of the SI Group. Additionally, by combining the complementary strengths of SI Group and Addivant, we will be creating a global technology and industry leader in plastic, lubricant, oilfield, and rubber additives.”
“SK Capital is a firm known for its sound business practices, deep industry experience, and impressive portfolio of companies in the chemicals sector,” said Wallace A. Graham, Chairman of SI Group.
“We are thrilled by the prospect of SI Group joining SK Capital, as it will enhance the company’s performance additives and intermediates business in the plastic, oil and gas, pharmaceutical, and rubber sectors. We expect to see great things in the years ahead.”
For further details contact SI Group | HA on TEL: 011 389 8200 or visit www.siigroup.com