- SK Capital will lead the investment with Edgewater acting as a “meaningful” minority shareholder
- The deal should close before the end of the year
- SK Capital currently has approximately $6.6 billion of assets under management
SK Capital and Edgewater Capital Partners have agreed to to acquire Hiram, Ohio-based Saint-Gobain Crystals, a provider of single scintillation crystals for radiation detection applications, as well as sapphire and garnet substrates for photonics and power electronics applications. The total enterprise value of the deal is $214 million.
SK Capital will lead the investment with Edgewater acting as a “meaningful” minority shareholder.
When asked what’s driving demand for its product, SK Capital Managing Director Mario Toukan told PE Hub, ““We see tremendous growth potential in SG Crystals, as the company faces positive tailwinds across its core end markets, such as aerospace and defense and medical imaging where they supply mission critical components to some of the largest blue-chip OEMs globally. The growth of the platform under our ownership will be driven by a focused commercial effort in technology areas where the company’s is very differentiated, and in particular applications which require large area crystal growths.”
The deal should close before the end of the year.
Latham & Watkins LLP acted as legal counsel to SK Capital. Taft Stettinius & Hollister LLP acted as legal counsel to Edgewater.
SK Capital currently has approximately $6.6 billion of assets under management.
Edgewater Capital Partners, headquartered in Cleveland, Ohio, invests in lower, middle-market performance materials businesses.