SK Capital Buys Control of Seqens

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Investment firm SK Capital has completed its purchase of a controlling stake in Seqens, a French producer of chemicals for pharmaceuticals, as well as lubricant additives.

SK Capital bought out Eurazeo, another private equity firm, for an undisclosed amount and is now partners with existing minority shareholders plus quasi-public French investment entities.

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New York City-based SK Capital specializes in the specialty materials, chemicals and pharmaceutical industries. It currently owns stakes in one other business with activities in the lubricants industry – SI Group, which supplies performance chemicals and intermediates for industries such as plastics, rubber, fuels and lubricants. SI has annual sales revenue of $2 billion and is headquartered in Schenectady, New York.

SK Capital said it combined Seqens with Wavelength Pharmaceuticals, a business it has owned since 2017. Eurazero kept Seqens’ Mineral Specialties unit, which supplies more basic chemicals such as sodium bicarbonate, soda ash and sodium silicate.

The companies declined to disclose the size or price of Eurazero’s stake, except that Eurazero did say the value was 1.8 times what it paid for the stake. SK Capital did not purchase all of that stake. Portions also went to three existing French shareholders – Merieux Equity Partners, Ardian and Eximium – and to BPIFrance and Nov Sante Actions Non Cotees. BPIFrance is a public investment bank, while Nov Sante Actions Non Cotees is a new fund created by the French Insurance Federation to support domestic healthcare companies.

Seqens said it helps customers develop greases and supplies additives for them, including extreme pressure sulfur additives, emulsifiers, corrosion inhibitors and anti-wear additives, along with tailor-made calcium sulfonates for metal protection and metalworking. The company also provides custom manufacturing capabilities for industrial lubricants, such as incidental food contact lubricants.