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Source | Techmer PM

A materials design company for technical polymers, (Clinton, Tenn., U.S.), announced on July 21 its strategic partnership with an affiliate of the New York-based private investment firm, . Managing a growing portfolio of companies focused on the specialty materials, chemicals and pharmaceuticals sectors, SK Capital is said to be acquiring a majority interest in Techmer and will recapitalize the company in partnership with Techmer’s chairman and CEO, John Manuck, who will continue to retain a significant ownership stake in the company. Terms of the deal were not announced.

Privately held since being founded by Manuck in 1981, Techmer PM is a leading developer and manufacturer of custom color and additive masterbatch solutions and specializes in modifying the appearance and properties of base polymers. Techmer says that it serves customers across a diverse set of global markets, including agriculture, automotive, aerospace, building and construction, consumer products, medical, material handling, nonwovens, rigid packaging and textile markets, as well as many OEMs.

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Techmer PM — which counts among its collaboration partners leading brand owners as well as organizations such as Oak Ridge National Laboratory (ORNL, Oak Ridge, Tenn., U.S.) and (Washington D.C., U.S.) — says it has taken a role in developing innovative materials and reinforcements for use in fast-growing technologies such as composites and additive manufacturing.

“John and his team have built a tremendously successful platform with an industry-wide reputation for innovation, customer service and quality,” says Mario Toukan, managing director of SK Capital. “We look forward to partnering with the Techmer PM team to continue to serve its customer base and expand the platform’s reach and capabilities.”

Techmer PM says it operates seven manufacturing plants in North America and employs more than 600 people. In late 2017, the company opened its first plant outside the United States, in Querétaro, Mexico, which, according to the company, is an important step that reflects Techmer PM’s long history of serving key global customers.

“Techmer is taking this step with SK to satisfy growing demands from brand owners and international clients who want to see the company expand its footprint to allow it to better serve customers no matter where they are in the world,” explains Manuck.

He continues: “After careful and diligent consideration, we have chosen to partner with SK Capital, which shares Techmer’s core values while bringing significant resources to bear in our new relationship,” says Manuck. “SK is committed to helping Techmer grow our business globally, while continuing to feed our insatiable drive to innovate and advance the greater cause of sustainability.”

Jon Borell, a managing director of SK Capital adds, “Techmer PM fits squarely within our strategy of investing in niche market leaders in partnership with visionary entrepreneurs. The specialty materials sector is an area where we have deep expertise through a number of our existing portfolio companies, and we are excited to leverage our resources to further strengthen the business.”

Kirkland & Ellis LLP acted as legal counsel to SK Capital, and committed debt financing was provided by Cerberus Business Finance LLC. Pillsbury Winthrop Shaw LLP acted as legal counsel to Techmer PM.