Private investment firm SK Capital Partners agreed to acquire Schenectady, New York-based SI Group, a global developer and manufacturer of performance additives and intermediates, for an undisclosed amount.
SK Capital said it will use the acquisition to create a business that supplies additives for the lubricants industry, among others.
At the close of the transaction - expected in the second half of 2018 - SK Capital intends to combine SI Group with SK Capitals existing additive subsidiary, Addivant. Addivant supplies antioxidants, antizonants and other chemicals for industries such as rubber and plastics. SI also supplies antioxidants - for lubricants, fuels and polymer stabilization needs. It also supplies a few other products for the lubes industry, such as alkylated phenols used in automotive engine oils.
By combining the complementary strengths of SI Group and Addivant, we will be creating a global technology and industry leader in plastic, lubricant, oilfield and rubber additives, SK Capital co-founder and Managing Director Barry Siadat said in a press release.
In March SK Capital completed its acquisition of ICLs fire safety and oil additives business, which also supplied chemicals used by the lubricants industry.
SK Capital, is based in New York City and is not related to South Korean refiner SK Lubricants. SI Group is a specialty chemical company based in Schenectady, New York, and is being sold by the descendants of W. Howard Wright, who founded the company in 1906.