GenNx360 Capital Partners has sold SiVance, LLC to Milliken & Company. Financial terms of the transaction have not been disclosed.
SiVance, LLC is a leader in silicone chemistry, focused on the development and manufacture of specialty silicone technologies and intermediates required to modify basic silicone polymers.
GenNx360 Capital Partners, LP acquired the assets of Clariant Life Science Molecules (Florida) Inc, a Gainesville, Florida-based subsidiary of Clariant Corporation, through an entity called SiVance, LLC, in August 2009.
"Supported by SiVance’s CEO, Craig Stafford, and the entire SiVance team, we successfully transitioned the business away from Clariant systems within twelve months, realising significant overhead cost savings, and implemented measures which resulted in the improved top and bottom line performance of the company," says Drew Shea, the GenNx360 managing partner responsible for the portfolio company. "Consistent with our investment thesis, we were also able to drive significant value creation by strategically refocusing the business on proprietary products and services."
"GenNx360 has been a true value-added partner to our company," says the CEO of SiVance, Craig Stafford. "They have provided significant financial and managerial support to our business and helped position our company to effect this important transaction."
"We’re excited about the future prospects for SiVance that a combination with a strong company like Milliken presents," says Art Harper, Founder and Managing Partner of GenNx360. "We wish Milliken and SiVance continued future success."
