Mitsubishi Chemical Corp. (MCC) recently announced that its Mitsubishi Chemical America, Inc. (MCA) subsidiary has entered into a definitive agreement to acquire all of the issued and outstanding shares of Gelest Intermediate Holdings, Inc., the parent of Gelest, Inc. and a portfolio company of New Mountain Capital, LLC. Completion of the transaction is expected in 2020, pending customary regulatory review and approval. Gelest produces silicones, organosilanes, metal-organics, and specialty monomers for advanced technology end markets including medical devices, life sciences, microelectronics, and personal care.
“We are excited to acquire Gelest as its business fits well within MCC’s long-term strategy,” said Steve Yurich, president of MCA. “Since becoming familiar with Gelest, we have recognized the tremendous capabilities in research and development and production that help create its outstanding position with key customers. Furthermore, MCC’s operating resources and customer network will enhance the ability to bring Gelest’s technologies to market and accelerate the development of new customer solutions to drive advances in digital social infrastructure, vision care, and other life-sciences applications. We look forward to working alongside the team at Gelest to drive the continued growth of the company.”
“We are extremely proud of the efforts of everyone who has contributed to make Gelest the Company that it is today, with world-class technology and supply capabilities, made possible by the industry leading team we have built and support from NMC for our strategic investment programs,” said Barry Arkles, chairman and chief technology officer of Gelest. “This has made Gelest an extremely valuable partner to customers around the world.”
According to Ken Gayer, CEO of Gelest, “We are excited to join MCC during our next stage of growth. MCC’s breadth and depth in the advanced materials sector will allow Gelest to create even more value for our customers and opportunities for our employees.”