United Initiators Buys Syrgis Performance Initiators

United Initiators has acquired Syrgis Performance Initiators from PE-backed Syrgis Performance Products. Syrgis Performance Products is a portfolio company of Edgewater Capital Partners. United Initiators is owned by Vision Capital and Speyside Equity. Terms of the deal were not released. SPI is a manufacturer of customer tailored formulations of ketone peroxides.


United Initiators is pleased to announce today that it has acquired Syrgis Performance Initiators (SPI) from Syrgis Performance Products which is owned by Edgewater Capital Partners.


SPI is a leading manufacturer of customer tailored formulations of ketone peroxides in North America and Europe and benzoyl peroxides in North America. Both products are organic peroxide initiators used in the production of thermoset composite materials. Headquartered in the US, SPI has a global reach with manufacturing locations in the US and Sweden in addition to trading operations in Shanghai. In 2011, SPI had total net sales of approx. $50 million.


Acquiring SPI will enable United Initiators to expand its product range and geographic reach. The acquisition will provide United Initiators with improved access to the organic peroxides markets across the Americas, Europe and Asia-Pacific in addition to a strong global persulfates position, facilitating opportunities for future growth and expansion. The combined turnover of United Initiators and SPI is expected to exceed €200 million.


Madison Capital Funding served as the Administrative Agent and sole lender for the financing of the transaction.  Grace Matthews advised Syrgis Performance Products and Edgewater Capital Partners on the sale of SPI.




Commenting on the acquisition, United Initiators CEO Ed Hoozemans said:


“We are delighted to announce our acquisition of SPI, whose market leading organic peroxide products will complement our existing initiators business. SPI is a highly regarded supplier of peroxides to the thermoset composite market segment and we see significant opportunity to build upon its established customer relationships and operational capabilities in the Americas, Europe and Asia-Pacific.”




“With the support of our partners at Vision Capital and Speyside Equity, we are investing considerable resources to grow the business and this is an important step in creating a world leading player in speciality initiators.”




United Initiators is owned by Vision Capital and Speyside Equity.  The shareholders commented as follows:




Dave Lamb, Head of PE – Europe at Vision Capital said:


“At the time of our investment into United Initiators we identified with Speyside Equity the compelling opportunity for consolidation across the organic peroxides market, to capitalise on the international growth opportunities for these highly-specialised products. We believe that the integration of United Initiators and SPI’s complementary product ranges, established customer bases and manufacturing and distribution networks will create value and enable the company to access significant growth potential in previously under-exploited markets.”




Oliver Maier, Partner at Speyside Equity said:


“We believe that the acquisition of SPI is an important stepping stone relative to the consolidator role we designated to United Initiators, and proof of our partnership with Vision Capital.”




Chris Childres, Managing Partner at Edgewater Capital said:


“The acquisition of Syrgis Initiators provides United Initiators with the critical mass necessary to achieve a leading position in the growing composite materials markets.  United Initiators/Syrgis will be able to differentiate itself from competitors through its full line of high quality products, innovative technology, global distribution network, and world-class technical customer service capabilities. ”




Andy Harris, CEO of Syrgis Performance Products said:


“The sale of Syrgis Performance Initiators to United Initiators allows a strategic combination of two leaders in the specialty organic peroxides industry that will provide greater value for customers and expanded opportunities for the combined organization and its employees.  This divestiture creates value for the industry and the investors of Syrgis.  We wish the best of success to the new organization.”