SK Capital and Edgewater Capital have agreed to sell Luxium Solutions to Excelitas Technologies, a portfolio of AEA Investors.
SK and Edgewater formed Luxium to acquire the scintillation and photonic crystals (SPC) business of publicly traded Saint‑Gobain for $214 million in December 2022.
Luxium’s scintillation and photonic crystals are used in medical imaging, security and border protection, semiconductors, aerospace and defense, and energy applications. Scintillation crystals are materials that absorb gamma photons and convert some of their energy into visible light and ultraviolet photons. In layman’s terms, these materials emit light when they absorb particles or electromagnetic waves. Scintillation crystals are widely used in radiation detection applications, as well as in photonics and power-electronics applications using sapphire (for harsh environments) and garnet substrates.
Luxium has more than 650 global customers and holds more than 170 patents related to its crystal-growth and photonic technologies. The company has more than 400 employees and is headquartered 40 miles southeast of Cleveland in Hiram, Ohio, with additional manufacturing facilities in New York, New Hampshire, New Jersey, France (2) and India.
During SK’s and Edgewater’s ownership term, Luxium closed two add-on acquisitions. In March 2024 it acquired PLX, a New York-based maker of monolithic optics, an optical component made from a single piece of material, which is used to manipulate light through focusing, directing, and splitting. Compared to traditional optics made from multiple pieces, monolithic optics are more compact and offer higher performance and reliability and improve signal quality, reduce signal loss, and increase data-transmission speeds. PLX was acquired from Tincicum, a New York and San Francisco-based family office founded to manage the holdings of the Ruttenberg family.
In June 2024, Luxium acquired publicly traded Inrad Optics (OTC: INRD), a New Jersey-based maker of optical components, crystal-based devices, and laser systems used in defense, aerospace, semiconductor, and scientific applications, at an enterprise valuation of $19 million.
“Luxium has undergone an accelerated systematic transformation with the continued support of SK Capital and Edgewater Capital,” said Michael Cahill, the CEO of Luxium. “During this period, we acquired PLX and Inrad Optics, expanded our footprint in India, and streamlined our operations. In parallel, we have invested in manufacturing improvements with the mission of better servicing our customers. We are excited to join the Excelitas platform, which is well-aligned with our markets, customers, engineering development processes, and global business infrastructure.”
“It has been a pleasure working with the Luxium team and Edgewater Capital through this period of significant transformation and growth following the carve-out from Saint-Gobain in 2022,” said Mario Toukan, a managing director at SK Capital. “Together with Edgewater, we have leveraged our deep technical expertise to drive meaningful improvement and establish Luxium as a global, standalone platform. SK Capital congratulates the Luxium and Excelitas teams on this milestone transaction, which represents a strong outcome for all stakeholders and positions the combined platform for continued growth and innovation.”
Excelitas Technologies, the buyer of Luxium, was acquired by AEA in December 2017 from New York City-headquartered Veritas Capital. Today, Excelitas is a designer and manufacturer of advanced photonic and detection components used in the life-sciences, semiconductor, industrial-automation, and aerospace sectors. The company’s products include photodiodes and detectors, pulsed lasers, and specialty optics sold under the brands Qioptiq, Axsun, and REO. Excelitas, led by CEO David Nislick, has more than 18 manufacturing facilities across North America, Europe (Germany, UK, Hungary), and Asia (China, Singapore, Philippines).
The acquisition of Luxium is Excelitas’ seventh add-on acquisition under AEA ownership. The six earlier buys were Colorado-based Research Electro‑Optics (2018); Massachusetts-based Axsun Technologies (2019); United Kingdom-based Solidtron (2020); Germany-based PCO AG (2021); Oregon-based Phoseon Technology (2023) and Germany-based Noblelight (2024).
“Luxium brings a highly differentiated asset of scale with a strong reputation for technical excellence and customer trust to Excelitas,” said Ron Keating, the CEO of Excelitas. “Luxium aligns with our strategy to increase our presence in targeted high-growth end markets, while also enhancing our capabilities in advanced optical technologies.”
Luxium operates in the high-precision optics and radiation detection sector, a segment benefiting from rising demand across semiconductor manufacturing, medical imaging, aerospace, and defense markets. According to Fortune Business Insights, the global photonics market was valued at approximately $921 billion in 2023 and is projected to reach $1.6 trillion by 2032, reflecting continued adoption of optical technologies in AI-enabled systems, autonomous devices, and next-generation electronics. Parallel growth is occurring in the radiation detection and safety segment, where Grand View Research estimates the global market will expand from $1.5 billion in 2023 to $2.5 billion by 2030. These developments support growing demand for Luxium’s crystal-based detection materials, substrates, and optical components used in complex, high-performance systems.
SK Capital’s portfolio collectively generates over $14 billion in annual revenue, employs more than 25,000 people, and operates more than 200 facilities worldwide. The firm typically invests $100 million to $200 million in equity per portfolio company. Its most recent fund, SK Capital Partners VI LP, closed in April 2024 with $2.95 billion in capital commitments.
“We have greatly valued our partnership with Luxium’s management team and SK Capital in transforming the business over the past few years through a series of strategic initiatives and acquisitions. We are confident that the combination with Excelitas will further accelerate Luxium’s growth as a technology leader in high precision optics and radiation detection,” said Ryan Meany, a managing partner at Edgewater.
Edgewater invests in lower middle-market performance materials and services businesses. The firm has specific expertise in specialty chemicals, life-sciences, advanced materials, and engineered components. Platform acquisitions will have revenues up to $100 million and EBITDA of less than $25 million. The firm was founded in 1998 and is headquartered in Cleveland.
AEA invests across value-added industrials, consumer, and services sectors. Founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co., AEA operates with a team of over 120 investment professionals with offices in New York City, Connecticut, San Francisco, London, Munich, and Shanghai.
William Blair and Houlihan Lokey were the financial advisors to SK Capital and Luxium on this transaction.
© 2025 Private Equity Professional | October 22, 2025
