FLORENCE, KY - April 4, 2008 – SK Capital Partners, LP, an affiliate of The Valence Group, a newly formed merchant bank acquired Aristech Acrylics, an acrylic sheets and solid surface products supplier, from Mitsubishi Corporation. SK Capital is headed by managing directors Barry Siadat and Jamshid Keynejad and the firm will seek to invest in chemicals businesses and related industries, including life sciences, personal care, electronic chemicals, and specialty metals.
In speaking with MergersUnleashed, Siadat said Aristech was a noncore asset with a strong management team, and he had been interested in acquiring the stand-alone division “for some time.” Aristech’s management team will also invest alongside SK Capital in this LBO. “A good knowledge of the operations allowed us to connect with the management team,” Siadat added.
SK Capital has issued letters of intent for two additional deals, Siadat said. Both companies are specialty chemicals businesses which he anticipates will close toward the end of the summer. SK Capital has yet raise its first fund, although Siadat noted that the firm has access to roughly $100 million of capital. He anticipates the firm will seek to raise between $300 million and $500 million when SK does begin the fundraising process.
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.
