SK Capital Partners and Edgewater Capital Partners Close Acquisition of Crystals Business from Saint-Gobain
HIRAM, Ohio–Funds advised by SK Capital Partners, LP (“SK Capital”) and Edgewater Capital Partners, LP (“Edgewater”), private investment firms focused on the specialty materials and specialty chemicals sectors, completed their previously announced acquisition of the scintillation and photonic crystals business of Saint-Gobain, S.A. The business has been renamed Luxium Solutions (“Luxium” or the “Company”), reflecting its position as an innovator and key partner for the healthcare, security, energy, and scientific research sectors.
“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.”
Luxium, headquartered in Hiram, Ohio with global facilities in the United States, France, and India, provides single scintillation crystals for radiation detection applications, as well as sapphire and garnet substrates for photonics and power electronics applications. The Company differentiates itself with deep R&D capabilities and expertise in crystal growth, packaging, and integration, as well as unique intellectual property supported by a portfolio of 174 patents. Luxium is fully vertically integrated with crystal purification, growth, cutting & finishing, packaging, and electronics integration capabilities.
Mario Toukan, Managing Director of SK Capital, stated, “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.”
“We are very excited to enter Luxium’s next period of growth in partnership with SK Capital, Mike Cahill, and the whole Luxium team. We are confident in the differentiated and mission-critical technology that Luxium brings to the market, the stewardship of a qualified management team, and the experience that Edgewater and SK Capital bring to the Company,” stated Ryan Meany, Managing Partner of Edgewater Capital.
Mike Cahill, Vice President Crystals at Saint-Gobain, will remain with the business and be named CEO of Luxium Solutions. Mr. Cahill has led the business under Saint-Gobain since 2015.
“At Luxium, we are all excited to collaborate with the SK Capital and Edgewater teams to usher in the Company’s next phase of growth as an independent player. The transition in ownership has been seamless and we have been pleased to continue providing our customers with the same quality of service they’ve known for years. Our next chapter will be defined by an enhanced commercial strategy and a product portfolio that provides even greater value to our customers, suppliers, and employees,” Mr. Cahill stated.
Latham & Watkins LLP acted as legal counsel to SK Capital and Taft Stettinius & Hollister LLP acted as legal counsel to Edgewater. Debt financing was provided by KeyBanc Capital Markets.
About SK Capital
SK Capital is a private investment firm with a disciplined focus on the specialty materials, specialty chemicals, and pharmaceuticals sectors. The firm seeks to build strong and growing businesses that create substantial long-term economic value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk. SK Capital’s portfolio of businesses generates revenues of approximately $16 billion annually, employs more than 20,000 people globally, and operates 203 plants in 32 countries. The firm currently has approximately $7.5 billion in assets under management. For more information, please visit www.skcapitalpartners.com.
About Edgewater Capital Partners
Edgewater Capital Partners, headquartered in Cleveland, Ohio, is a sector focused private equity firm investing in lower middle-market performance materials and services businesses. The firm has extensive experience and expertise in investing in the people, technology, and facilities to accelerate the growth trajectory of niche manufacturers of specialty chemicals, life sciences, advanced materials, and engineered components. Over twenty years of industry specific investing has allowed the firm to develop a deep understanding of the complexities and nuances common to these businesses. For more information, please visit www.edgewatercapital.com.
About Luxium Solutions
Luxium Solutions serves a diverse set of high reliability applications across medical imaging, security and border protection, semiconductor, aerospace and defense, oil and gas and other industrial markets. The Company supports a global network of customers from six production facilities in the USA, France, and India, and global sales offices in China and Japan. For more information, please visit www.luxiumsolutions.com