Two private investment companies focused on the specialty materials and specialty chemicals sectors announcement they acquired the Hiram-based scintillation and photonic crystal business from the French giant Saint-Gobain SA
The buyers are funds advised by SK Capital Partners LP of New York and Edgewater Capital Partners LP of Cleveland. The companies said in a Press release that SK Capital will lead the investment in Saint-Gobain Crystalswith Edgewater Capital “acting as a significant minority shareholder with board involvement”.
Specific terms of the acquisition were not provided, although a spokesperson for the investment firm told Crain’s via email that the deal has an enterprise value of $214 million. .
The deal, subject to regulatory approval, is expected to be finalized before the end of the year, the companies said in the statement.
Saint-Gobain Crystals has around 400 employees, the spokesperson wrote in the email, and has six production sites – three in the United States, two in France and one in India. In 2021, it “generated revenues of almost 75 million euros”, according to the email. This figure is also equivalent to approximately 75 million US dollars.
The investment companies said in the statement that Saint-Gobain Crystals “is recognized as a global technology leader and supplier of unique scintillation crystals for radiation detection applications, as well as sapphire and garnet substrates for photonics and power electronics applications”. The company has “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,” according to the release.
Mike Cahill, Vice President of Saint-Gobain Crystals, said in a statement that SK Capital and Edgewater Capital “share our vision to enhance the value and quality of Saint-Gobain Crystal’s product portfolio and business strategy.” .