MORRISVILLE, Pa. – Mitsubishi Chemical Corp. is now the owner of Gelest Intermediate Holding in a deal that transfers the silicone maker from private equity control.
The Morrisville-based company, which brings about 240 workers to Mitsubishi, also makes and supplies specialty monomers for segments including medical devices, life sciences, microelectronics and personal care.
Mitsubishi acquired Gelest from New Mountain Capital, a private equity firm that invested in the company in 2017. Private equity firms often look to cash out of their investments within three to seven years, depending on market conditions, and search for new opportunities.
Dating back to 1990, Gelest also is involved with organosilanes and metal organics.
"New Mountain Capital has been a terrific partner and helped us to significantly grow the company over the past three years. We now look forward to joining MCC, where their capabilities and breadth will allow Gelest to create even more value for customers and opportunities for employees," Gelest CEO Ken Gayer said in a statement.
"Since partnering with Gelest in 2017, we have been extremely impressed by the management team and Gelest's ability to innovate continuously to serve the evolving needs of its demanding customers," Andre Moura, managing director at New Market Capital, said in a statement.
The acquisition was made through Mitsubishi Chemical America Inc., a New York-based subsidiary of Tokyo's Mitsubishi Chemical. The deal for Gelest was first announced April 30, and Mitsubishi said Oct. 1 the transaction was finalized.
Mitsubishi became attracted to Gelest due to its research and development efforts as well as its production capabilities.
Gelest, meanwhile, will benefit from being part of a larger chemical company.
"MCC's operating resources and customer network will enhance the ability to bring Gelest's technologies to market and accelerate the development of new customer solutions to drive advances in digital social infrastructure, vision care and other life-sciences applications," Steve Yurich, Mitsubishi Chemical America president, said when the deal was first announced.
Gelest also said Jonathan Goff has been promoted to the role of chief technology officer. Goff joined the company in 2009 and has been managing various aspects of the firm, including polymer, technical services, silanes and metal-organic, research, engineering and quality control efforts. Barry Arkles moves from CTO to senior executive fellow for both Gelest and Mitsubishi Chemical.