SK Capital　　

SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors.

Our purpose is to build strong and growing businesses that create substantial long-term economic value. We utilize our 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.

Sectors：
    Specialty Materials and Chemicals
    Healthcare

2013/5/1  SK Capital Completes Carve Out from Chemtura     to be renamed Addivant

2012/12/20  SK Capital to Acquire Textile Chemicals, Paper Specialties, and Emulsions Businesses of Clariant

2012/12/20  SK Capital Partners Completes Acquisition of TPC Group Inc.

2009/6/1   SK Capital Partners Completes Acquisition of Solutia Inc.’s Integrated Nylon Business

2008/4/2    SK Capital acquires Aristech Acrylics
　

Portfolio Companies

Addivant

Addivant is a leading global supplier of a comprehensive portfolio of additives including antioxidants, antiozonants, inhibitors, polymer modifiers and UV stabilizers used by customers to improve the production and performance properties of polymers, plastics and rubbers. Addivant is headquartered in Connecticut and maintains a global footprint with 11 plants on five continents.

SK Capital acquired the Antioxidant and UV Stabilizer Solutions business of Chemtura Corporation in May, 2013.

The business was named Addivant upon becoming an independent company.

TPC Group

TPC Group is a leading producer of value-added products derived from niche petrochemical raw materials such as C4 hydrocarbons. The Company processes C4 hydrocarbons into butadiene, butene-1, isobutylene and differentiated isobutylene derivatives for use in performance and specialty products in the synthetic rubber, fuels, lubricants, plastics and nylon industries. It also produces a variety of C3 derivatives for use in plasticizers, surfactants and antioxidants. Headquartered in Houston, Texas, TPC Group operates three manufacturing facilities and one terminal in the United States and employs over 800 people.

SK Capital Partners took TPC Group private in partnership with First Reserve Corporation in December, 2012.

TPC（旧称 Texas Petrochemicals)
　同社は元々は1943年に米国政府が合成ゴム製造促進のためにつくったRubber Reserve Co.
　その後、合成ゴム事業は各社に分離され、同社は現在はＣ4留分の専業会社となっている。
　2006年にHuntsmanからMTBEとブタジェンのプラントを購入している。
　2000年にDIBに進出した。

　

IBA Molecular

IBA Molecular is a global leader in the manufacturing and distribution of radiopharmaceutical products that are used in Positron Emission Tomography (“PET”) and Single-Photon Emission Computed Tomography (“SPECT”) diagnostic and therapeutic molecular imaging procedures. The Company’s radiopharmaceutical products help to enhance patient outcomes and lower costs by facilitating personalized medical treatment and providing precise and rapid diagnosis. IBA Molecular has over 50 locations in the U.S., Europe and Asia and employs over 1,000 people.

SK Capital Partners acquired a 60% interest in IBA Molecular from Ion Beam Applications S.A. in April, 2012.

2012/4/2		SK Capital Completes IBA Transaction
2012/1/9		SK Capital and IBA Join to Accelerate Growth of IBA Molecular Imaging

Calabrian Corporation

Calabrian Corporation is a leading supplier of sulfur dioxide and related derivatives used in wastewater treatment and other applications. The Company manufactures sulfur dioxide and downstream derivatives such as sodium sulfite, sodium bisulfite, sodium metabisulfite and sodium thiosulfate in its integrated manufacturing facility in Port Neches, TX, and serves markets in North and South America. Its products are used in a broad range of industrial and municipal wastewater treatment applications to achieve compliance with federal and local water regulations, as well as other specialty applications in personal care, pulp and paper processing, food preservation, oilfield production and disinfection.

SK Capital Partners recapitalized Calabrian in partnership with members of the founding family in May, 2011.

2011/5/3

SK Capital Partners Recapitalizes Calabrian Corporation

Ascend Performance Materials

Ascend is a world leader in proprietary technologies that are central to the production of nylon, plastics and synthetic fibers found in thousands of commercial and industrial products, including carpet, tires and apparel, as well as agricultural products, animal feed and personal care products. The business has world scale integrated manufacturing capacity which enables it to develop new products from its core technologies. Ascend has sales offices throughout the world, five manufacturing facilities in the United States and a technology center, and employs over 3,000 people.

Ascend was acquired by SK Capital Partners from Solutia in June, 2009.

Aristech Acrylics

Aristech Acrylics, headquartered in Florence, KY, is the leading North American manufacturer of acrylic sheeting for such applications as bath surfaces, showers, signs, counter top materials marketed under the brand name Avonite(R), and other solid surfaces. Because of the many advantages of Aristech's acrylic composite sheets, including their durability, versatility and sanitary features, the company is currently developing new products for use in other industries including the marine, automotive and recreational sectors. Acrylic sheet is one of the most widely used specialty plastics available.

Aristech was acquired by SK Capital Partners from Mitsubishi in April, 2008.

December 27, 2012

SK Capital to Acquire Three Businesses of Clariant

SK Capital Partners, a US-based private investment firm announced today that it has signed asset and share purchase agreements to acquire the Textile Chemicals, Paper Specialties, and Emulsions businesses of Clariant. These global divisions possess strong brands and leading technologies in dyes, pigments, emulsions and surface active chemicals used in the textile, paper, coatings, construction and adhesive industries. Together, the businesses generate revenues of approximately $1.3 billion, operate from twenty five facilities around the world and employ approximately 3,000 employees. The transaction value is approximately $500 million in cash and SK Capital will be assuming certain pension liabilities.

With a disciplined focus on the specialty materials, chemicals and healthcare sectors, SK Capital has significant relevant experience gained through both previous and current investments in the textile, fiber and nylon chemicals sectors, as well as deep knowledge of the end markets served by the businesses. The acquisition is consistent with SK Capital’s strategy of acquiring niche market leaders with strong brands, technologies and underlying growth trends and actively supporting management in building thriving businesses with sustainable competitive advantages.

December 20, 2012

SK Capital Partners Completes Acquisition of TPC Group Inc.

SK Capital Partners, a US-based private investment firm focused on the specialty chemicals sector today announced the completion of their previously announced acquisition of TPC Group in partnership with First Reserve Corporation, a global investment firm dedicated to the energy industry. TPC Group is a leading fee-based processor and service provider of value-added products derived from niche petrochemical raw materials.

The acquisition is consistent with SK Capital's strategy of focusing on sectors we know well, leveraging our knowledge and relationships to identify attractive opportunities that have complexity and underperformance relative to their potential, and employing impactful resources to support the successful execution of our investment strategies.

TPC Group is the firm’s fifth portfolio company overall and the third in SK Capital Partners III, LP.

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August 27, 2012

TPC Group Inc. Enters Into Merger Agreement with First Reserve Corporation and SK Capital Partners

TPC Group Inc., a leading fee-based processor and service provider of value-added products derived from niche petrochemical raw materials, today announced that it has entered into a definitive merger agreement with investment funds sponsored by First Reserve Corporation, a leading global investment firm dedicated to the energy industry, and SK Capital Partners, a U.S. based private investment firm focused on the chemicals sector. Under the terms of the merger agreement, TPC Group stockholders will receive $40.00 per share in cash for each share of TPC Group common stock that they own. The transaction, which is valued at approximately $850 million, including net debt, will result in TPC Group becoming a private company. The transaction is expected to close in the fourth quarter of 2012.

TPC Group’s Board of Directors has approved the agreement with First Reserve and SK Capital and recommends that TPC Group stockholders adopt the merger agreement. TPC Group expects to hold a Special Meeting of Stockholders to consider and vote on the proposed merger and merger agreement as soon as practicable after the mailing of the proxy statement to its stockholders.

The transaction is subject to the approval of TPC Group’s stockholders, antitrust clearances and other customary closing conditions. First Reserve and SK Capital have obtained commitment letters for debt and equity financing for the transaction, and the transaction is not subject to any condition with regard to the financing. Financing commitments have been provided by Bank of America Merrill Lynch, Morgan Stanley Senior Funding, Inc. and Jefferies and its affiliates.

About TPC Group
TPC Group Inc. is a leading producer of value-added products derived from niche petrochemical raw materials, such as C4 hydrocarbons, and provider of critical infrastructure and logistics services along the Gulf Coast region. The Company sells its products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuels, lubricant additives, plastics and surfactants. Headquartered in Houston, Texas, and with an operating history of over 68 years, the Company has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel, Port Neches and Baytown, Texas and operates a product terminal in Lake Charles, Louisiana. For more information, visit the Company’s website at http://www.tpcgrp.com.

June 1, 2009

SK Capital Partners Completes Acquisition of Solutia Inc.’s Integrated Nylon Business

SK Capital Partners, a transformational private investment firm, today announced that it has completed its previously announced acquisition of Solutia Inc.’s  integrated nylon business, a leading supplier and manufacturer of nylon chemicals, plastics and fibers. The company had approximately $1.8 billion in revenues in 2008.

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April 1, 2009

SK Capital Partners to Acquire Solutia Inc.'s Integrated Nylon Business

 SK Capital Partners, a transformational private investment firm, announced that it will acquire Solutia Inc.’s  integrated nylon business, a leading supplier and manufacturer of nylon chemicals, plastics and fibers. The acquisition reflects SK Capital Partners’ investment strategy of identifying businesses that can generate superior returns through a combination of strategic repositioning, enhanced management and operational execution. The deal is expected to close April 30 or soon thereafter.

Solutia Retains HSBC to Explore Strategic Alternatives for Its Nylon Business

2009/4/1   Solutia Agrees to Sell Nylon Business

　

April 2, 2008　

SK Capital acquires Aristech Acrylics

Private equity firm SK Capital Partners LP has purchased Aristech Acrylics LLC from Mitsubishi Corp., the companies announced Wednesday. The acquisition price wasn't disclosed.

Aristech manufactures continuously cast acrylic sheets for hot tubs, bathtubs and showers, signage and other applications. The company, founded in 1969, operates its headquarters in Florence and a plant in Belen, N.M.

"While we remain focused on profitability, which underpins our stability and prosperity for our employees, we now can actively seek out new opportunities to develop the company," said David Knowles, president of Aristech.

アリステック・ケミカルは化学品（フェノール､アセトン他）、ポリマー製品（ポリプロピレン他）の製造販売を行っていた。

1989年にハンツマンがアリステックの買収を計画した。アリステックはこれを拒否、一時は住友化学にもＰＰを分離してＪＶにする提案もしたが、1990年に三菱商事が買収提案を行い、ハンツマンが買収を諦めたため、三菱商事による買収が確定した。買収額は850百万＄だが借入金の引継ぎなどをいれると10億＄以上となるといわれた。

当初同社には三菱化成、三菱油化、三菱瓦斯化学、三菱レ−ヨンが各4.48%出資して三菱グループ総力を挙げて取り組む姿勢を見せたが、その後、 三菱商事100%となった。

2000年11月、三菱商事はアリステックをスノコ社に売却した。アリステックを買収して以来、石油化学品事業の戦略において、北米の橋頭堡として位置づけてきたが、原料価格の上昇を製品価格に転化しきれず、採算が大幅に悪化していた。譲渡価格は固定資産及び棚卸資産の合計で695百万ドル、これにその他の資産・負債を加減した金額になる。

1997年にアリステック・ケミカルのアクリル樹脂事業部門を分離独立し、三菱レイヨンが10%出資し、Aristech Acrylics LLC を設立したが、これはスノコへの売却資産には含まれず、三菱商事が88%出資で残っていた。

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April 4, 2008

SK Capital Partners Cinches Debut Deal     cince=確実なものにする

SK Capital Partners, LP, an affiliate of The Valence Group, a newly formed merchant bank acquired Aristech Acrylics, an acrylic sheets and solid surface products supplier, from Mitsubishi Corporation. SK Capital is headed by managing directors Barry Siadat and Jamshid Keynejad and the firm will seek to invest in chemicals businesses and related industries, including life sciences, personal care, electronic chemicals, and specialty metals.

In speaking with MergersUnleashed, Siadat said Aristech was a noncore asset with a strong management team, and he had been interested in acquiring the stand-alone division “for some time.” Aristech’s management team will also invest alongside SK Capital in this LBO. “A good knowledge of the operations allowed us to connect with the management team,” Siadat added.

SK Capital has issued letters of intent for two additional deals, Siadat said. Both companies are specialty chemicals businesses which he anticipates will close toward the end of the summer. SK Capital has yet raise its first fund, although Siadat noted that the firm has access to roughly $100 million of capital. He anticipates the firm will seek to raise between $300 million and $500 million when SK does begin the fundraising process.

About SK Capital Partners
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors. Our integrated, multi-disciplinary team utilizes its prior industry, operating and investment experience to transform businesses into higher performing organizations. Located in New York, NY and Boca Raton, FL, we are currently investing from SK Capital Partners III, L.P., a $500 million fund of committed capital. Our portfolio companies generate revenues of over $3.0 billion annually and employ more than 3,400 people.