SK Capital Closes Acquisition of Performance Products & Solutions from PolyOne, Creating New Leader in Plastic Compounds Named GEON Performance Solutions
New York, October 28, 2019 – SK Capital, a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, completed its previously announced acquisition of the Performance Products & Solutions business from PolyOne Corporation. Reflecting its rich heritage and reputation for innovation, the business has been renamed GEON Performance Solutions (“GEON” or the “Company”).
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, stated, “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, stated, “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.
About GEON Performance Solutions
GEON Performance Solutions serves customers in a wide variety of sectors, including appliances, building & construction, electronics, healthcare, transportation, and wire and cable. As a global leader in the formulation, development and manufacture of performance polyolefins and vinyl solutions, GEON works with customers to achieve improved performance in strength, durability, energy efficiency and sustainability. For more information, please visit www.GEON.com.
About SK Capital
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and pharmaceuticals sectors. The firm builds strong and growing businesses that create substantial long-term economic value. SK utilizes its industry, operating and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth and profitability as well as lower operating risk. SK’s portfolio of businesses generates revenues in excess of $9.0 billion annually, employs more than 10,000 people globally and operates 86 plants in 25 countries. The firm currently has approximately $4.6 billion of assets under management. For more information, please visit www.skcapitalpartners.com.