SK Capital Partners LP agreed to buy performance additives and intermediates developer and manufacturer SI Group Inc.
Financial terms of the deal, set to close in the second half, were not disclosed. Upon closing, SK Capital will add SI Group to its portfolio of chemicals and pharmaceuticals businesses. SI Group will be combined with SK Capital's Addivant, which supplies additives used for polymers, plastics and rubbers.
Schenectady, N.Y.-based SI Group operates 20 manufacturing facilities across five continents, with total annual sales of more than $1 billion.
SK Capital is a private equity firm targeting the specialty materials, chemicals and pharmaceuticals sectors, among others. It received committed debt financing from JPMorgan Chase Bank NA, HSBC Securities (USA) Inc., Deutsche Bank Securities Inc. and Bank of America NA.
Latham & Watkins LLP was legal counsel to SK Capital, while Baker Botts LLP and HSBC Securities (USA) Inc. were the legal counsel and exclusive financial adviser, respectively, to SI Group.
