SK Capital Partners and Edgewater Capital Partners, two private equity firms, have bought the scintillation and photonic crystals business of Saint-Gobain SA, The business has been renamed Luxium Solutions.
Luxium, headquartered in Hiram, Ohio with facilities in the United States, France and India, provides scintillation crystals for radiation detection applications, as well as sapphire and garnet substrates for photonics and power electronics applications. The company’s capabilities include crystal purification, growth, cutting and finishing, packaging and electronics integration. Mike Cahill, vice president, crystals at Saint-Gobain, will remain with the business and be named CEO of Luxium Solutions.
“We believe Luxium’s leading scintillation technologies and unique ability to solve problems with applied material sciences, combined with a strong existing base of talent will transform the Company into an independent leader in the industry that acts as a true value-add partner for the various sectors it serves,” states Mario Toukan, managing director of SK Capital.
Latham & Watkins LLP acted as legal counsel to SK Capital and Taft Stettinius & Hollister LLP acted as legal counsel to Edgewater. Debt financing was provided by KeyBanc Capital Markets.