FLORENCE, KY - April 2, 2008 – SK Capital Partners LP, a buyout firm started last year by one of the founders of Arsenal Capital Partners, has completed its first deal, buying acrylic sheeting maker Aristech Acrylics LLC from Japanese conglomerate Mitsubishi Corp.
SK Capital paid more than seven times annual earnings before interest, taxes, depreciation and amortization to acquire the Florence, Ky.-based company, which has roughly $140 million in annual sales, according to Barry Siadat, managing director of the firm. Additional transaction and financial details weren't disclosed. Even though Siadat, founder and former managing director at Arsenal Capital, approached the sellers about acquiring Aristech, Mitsubishi hired Houlihan Lokey to run a thorough sales process for the company, he said. However, since SK Capital had already developed some familiarity with the company and its management team, it had a slight advantage, said Siadat.
About SK Capital Partners
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors. Our integrated, multi-disciplinary team utilizes its prior industry, operating and investment experience to transform businesses into higher performing organizations. Located in New York, NY and Boca Raton, FL, we are currently investing from SK Capital Partners III, L.P., a $500 million fund of committed capital. Our portfolio companies generate revenues of over $3.0 billion annually and employ more than 3,400 people.
