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October 19, 2018 02:00 AM

SK Capital Partners to combine SI Group, Addivant

European Rubber Journal
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    NEW YORK—SK Capital Partners has completed its acquisition of global additives and intermediates manufacturer SI Group, Inc. Terms of the deal were not revealed.

    The deal, the private investment firm said in a statement, combines SI Group—which has sales of around $1 billion, 2,800 employees and 20 global manufacturing facilities—with Addivant USA L.L.C., which has been part of SK Capital's portfolio since 2013.

    Based in Danbury, Conn., Addivant operates 11 manufacturing locations worldwide. It has sales of about $500 million and around 440 employees.

    The newly combined company, based in Schenectady, N.Y., will trade under the SI Group brand. It will supply additives, process solutions, pharmaceuticals and chemical intermediates to the plastics, rubber, fuel and lubricants, oilfield and pharma (API) industries.

    Led by Frank Bozich and John Steitz, the SI Group will operate with a global workforce of more than 3,000 employees and 30 manufacturing facilities, SK Capital said.

    Combining SI Group and Addivant creates "a global leader in the performance additives market with backward integration into key chemical intermediates," Barry Siadat, managing director of SK Capital, said in a statement. He also noted the potential for significant earnings growth from commercial and cost synergies.

    Linking the chemicals and pharma portfolios also will give SI Group access "to certain technologies and relationships to accelerate growth and bring novel solutions to the market," said Jack Norris, a managing director of SK Capital Partners.

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