NEW YORK & MORRISVILLE, Pa.--(BUSINESS WIRE)--New Mountain Capital, LLC, announced today that the sale of Gelest, Inc. to Mitsubishi Chemical America, Inc., the U.S. subsidiary of Mitsubishi Chemical Corporation, has closed following the clearing of all regulatory approvals.
Gelest is a global leader in silicones, organosilanes, metal-organics, and specialty monomers for high-growth materials-science intensive applications including medical devices, life sciences, microelectronics and personal care. In March 2017, NMC made a majority investment in Gelest and worked closely with Gelest management to scale the company through organic initiatives and M&A. Under New Mountain’s ownership, Gelest more than doubled its enterprise value by augmenting its leadership team and building its capabilities in the life sciences, medical device, and microelectronics end markets, both organically and through the strategic acquisition of Bimax Chemicals in 2019.
“Since partnering with Gelest in 2017, we have been extremely impressed by the management team and Gelest’s ability to innovate continuously to serve the evolving needs of its demanding customers,” said Andre Moura, Managing Director at NMC and lead director of Gelest. “We are proud to have supported Gelest’s execution of an organic and inorganic growth strategy, and we thank everyone at Gelest for an exceptional partnership.”
“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. This has made Gelest an extremely valuable partner to customers around the world,” said Dr. Barry Arkles, Chair and founder of Gelest.
“New Mountain Capital has been a terrific partner and helped us to significantly grow the company over the past three years. We now look forward to joining MCC where their capabilities and breadth will allow Gelest to create even more value for customers and opportunities for employees,” said Ken Gayer, CEO of Gelest.
Gelest will continue to execute its strategy of helping customers succeed by assisting them to develop and supply chemicals technology to solve their most challenging materials science problems and enable their new product roadmap.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $28 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.
Gelest, headquartered in Morrisville, Pennsylvania, is an innovator, manufacturer, and supplier of silicones, organosilanes, metal-organics, and specialty monomers for advanced technology end markets including medical devices, life sciences, microelectronics, and personal care. Gelest, Inc. helps customers succeed by assisting them to develop and supply the chemistry to solve their most challenging materials science problems and to enable their new product technology. For more information on Gelest, please visit www.gelest.com.