SK Capital has formed NuCera Solutions to acquire the specialty polymers business of Baker Hughes.
NuCera produces specialty olefin polymers and high melting point polyethylene waxes that are used in adhesives, candles, coatings, imaging, personal care, and plastics applications. The business began operations in 1934 as Bareco Oil Company and has manufacturing operations in Barnsdall, Oklahoma.
With the closing of the transaction, SK has named Steve McKeown as the company’s chief executive officer and Shawn Ham as its chief financial officer. Mr. McKeown was most recently the president and chief operating officer of Galata Chemicals, a Connecticut-based maker of thermoplastics and polyolefin additives which was owned by Aterian Investment Partners from 2010 to 2014. Mr. Ham was most recently the chief accounting officer and controller at Texas-based KMG Chemicals.
“We are very excited to have Steve and Shawn joining the NuCera team,” said Jonathan Borell, a managing director of SK Capital. “Their combination of chemicals industry experience and leadership skills will help transition NuCera into the next phase of its growth.”
New York City-based SK Capital invests in the specialty materials, chemicals and pharmaceutical sectors and typically invests equity of $100 million to $200 million in each portfolio company. In February 2019, the firm held a final closing of SK Capital Partners Fund V LP with total committed capital of $2.1 billion.
“We believe NuCera’s leading specialized polymerization technologies combined with a strong existing base of talent and new leadership team will transform the company into an independent leader of global polymer solutions,” said Mario Toukan, a managing director of SK Capital.
Private Equity Professional | October 2, 2020