GenNx360 Capital Partners has sold SiVance LLC to Milliken & Co. Terms of the sale were not released. SiVance is focused on specialty silicone technologies and intermediates required to modify basic silicone polymers. GenNx360 Capital acquired SiVance in August 2009.
PRESS RELEASE
GenNx360 Capital Partners announced today the sale of SiVance, LLC to Milliken & Company. Financial terms of the transaction were not disclosed.
SiVance, LLC is a leader in silicone chemistry, focused on the development and manufacture of specialty silicone technologies and intermediates required to modify basic silicone polymers.
GenNx360 Capital Partners, L.P. acquired the assets of Clariant Life Science Molecules (Florida) Inc., a Gainesville, FL based subsidiary of Clariant Corporation, through an entity called SiVance, LLC, in August 2009. “Supported by SiVance’s CEO, Craig Stafford, and the entire SiVance team, we successfully transitioned the business away from Clariant systems within twelve months, realizing significant overhead cost savings, and implemented measures which resulted in the improved top and bottom line performance of the company. Consistent with our investment thesis, we were also able to drive significant value creation by strategically refocusing the business on proprietary products and services,” said Drew Shea, the GenNx360 managing partner responsible for the portfolio company.
“GenNx360 has been a true value-added partner to our company,” said the CEO of SiVance, Craig Stafford. “They have provided significant financial and managerial support to our business and helped position our company to effect this important transaction.”
“We’re excited about the future prospects for SiVance that a combination with a strong company like Milliken presents,” said Art Harper, Founder and Managing Partner of GenNx360. “We wish Milliken and SiVance continued future success.”
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity 3.0 firm that applies leading operational expertise and investment discipline to successfully buy, guide, grow and sell industrial B2B companies, generate superior returns, and preserve capital regardless of market cycles.
About Milliken
Milliken is an innovation company that has been exploring, discovering, and creating ways to enhance people’s lives since 1865. Our global community of innovators has developed one of the larger collections of United States patents among privately-held U.S. companies. With expertise across a breadth of disciplines including specialty chemical, floor covering, and performance materials, we work around the world every day to add true value to people’s lives, improve health and safety, and make this world more sustainable. Milliken has been named a “Worlds Most Ethical Company” by the Ethisphere Institute for five consecutive years. For more information, visit http://www.milliken.com
About SiVance LLC
SiVance, based in Florida, is a leading producer of silicone-based products for the personal care, pharmaceutical, construction and electronics markets.
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