SK Capital, a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, has completed its previously announced acquisition of the Performance Products & Solutions business from PolyOne Corporation.
The business has been renamed GEON Performance Solutions (GEON).
GEON, headquartered in Avon Lake, Ohio, is a global leader in plastic compounded solutions, holding the preeminent global brand in polyvinyl chloride compounds, as well as offering a broad range of formulated polypropylene and other thermoplastic polyolefin products and contract manufacturing services. The Company operates twelve manufacturing locations across both North America and Asia and employs approximately 1,100 people.
Jack Norris, a Managing Director of SK Capital, says: “GEON is a storied leader in the compounding industry, having pioneered and advanced the formulation of vinyl plastics for more than 70 years. We look forward to supporting the growth and improvement of the Company through investments in talent, innovation and market expansion.”
Dave Mezzanotte, a Director of SK Capital Partners who will serve as interim CEO of GEON, says: “I am excited to lead the GEON team as we establish the Company as a thriving independent company. We remain committed to the highest standards in manufacturing, quality and reliability, and will focus on strengthening our partnership with our customers, suppliers and associates to deliver on the next wave of innovation and operational excellence.”
The Valence Group acted as M&A advisor to SK Capital and Latham & Watkins LLP acted as legal counsel. Debt financing was provided by Cerberus Business Finance, LLC.
