Specialty Chemicals Buisness, SiVance LLC, is Acquired from Clariant Corporation by GenNx360 Capital Partners
Portfolio Company News - August 31, 2009
GenNx360 Capital Partners, a private equity firm focused on industrial business-to-business companies with $100 million to $1 billion in revenues, announced today that it has acquired Clariant Corporationâ€™s Specialty Silicones business, which has been renamed SiVance, LLC. GenNx360 identified the specialty chemicals industry as a key area for investment, and this transaction represents its first investment in this sector.
SiVance specializes in the use of silicone-based chemistry to produce high value added, specialty products for use in the personal care, pharmaceutical, electronics and construction markets. The business employs approximately 120 people and operates out of its facility located in Gainesville, Florida.
"We specifically targeted the specialty chemicals industry for investment and we're excited about this transaction as we believe SiVance represents an excellent platform for growth both organically and through acquisition," said Art Harper, a GenNx360 founding partner. "With Craig Stafford as CEO, the strong management team currently in place, and capital support from GenNx360, SiVance is well positioned to leverage its current position in the marketplace as a leading developer of specialty silicone-based products."
Including SiVance, GenNx360 has completed four industry platform investments in each of the following sectors; specialty chemicals, precision machining, asset light logistics and business process outsourcing. In addition, SiVance represents the third transaction completed by GenNx360 in 2009.
Financial terms of the transaction were not disclosed.
About Clariant Corporation
Clariant is a global leader in the field of specialty chemicals. Strong business relationships,commitment to outstanding service and wide-ranging application know-how make Clariant a preferred partner for its customers.
Clariant, which is represented on five continents with over 100 group companies, employs around 20,000 people. Headquartered in Muttenz near Basel, Switzerland, it generated sales of CHF 8.1 billion in 2008. Clariant's businesses are organized in four divisions: Textile, Leather & Paper Chemicals, Pigments & Additives, Masterbatches and Functional Chemicals.
Clariant is committed to sustainable growth springing from its own innovative strength. Clariant's innovative products play a key role in its customers' manufacturing and treatment processes or else add value to their end products. The company's success is based on the know-how of its people and their ability to identify new customer needs at an early stage and to work together with customers to develop innovative, efficient solutions. For more information, please visit www.clariant.com