It continues the firm’s focus on the chemicals, speciality materials and healthcare sectors, as well as its strategy of acquiring niche market leaders with strong brands, technologies and underlying growth trends.
SK Capital managing director Jack Norris said, “We believe that the transition from a non-core business within a large public company to a standalone organization will enable improved execution and a renewed emphasis on growth.
“Management has done an excellent job of redefining the business’ strategy and successfully repositioning it as a strategic partner and solutions provider to customers.
“Leveraging our market knowledge, industry relationships and operating resources, we look forward to actively supporting management.”
The deal will be welcome news for SK amid its battle to buy chemical giant TPC Group alongside fellow buyout firm First Reserve, which it received antitrust clearance for earlier today.
A separate bid for Innospec backed by buyout house Blackstone forced SK and First Reserve to up their bid to $45 per share, valuing the company at $705m.
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