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SK Capital has acquired a majority stake in ingredients producer Niacet Corp. Financial terms were not disclosed. The target’s CEO, Kelly Brannen, will keep a stake in the company.

Niacet, based in Niagara Falls, New York, produces ingredients, such as salts for the food, pharmaceutical and agricultural sectors. The company serves more than 300 customers across 57 countries.

“This investment exemplifies the power of our sector-focused strategy where significant commercial and cost synergies can be generated across portfolio companies,” says SK Capital managing director Jack Norris.

New York-based SK Capital invests between $100 million and $200 million in businesses in the materials, chemicals and healthcare sectors. In 2015, the firm invested in wine ingredients supplier AEB Group and pharmaceutical chemicals provider Halo Pharmaceutical.

Ingredient related deals have been picking up recently. McCormick & Co. (NYSE: MKC) bought flavors manufacturer Enrico Giotti S.p.A; Monster Beverage Corp. agreed to buy American Fruits & Flavors; and Vantage Specialty Chemicals Inc., backed by the Jordan Co., acquired oils maker Mallet and Co.

Latham & Watkins represented SK Capital. The Valence Group advised Niacet. KeyBanc Capital Markets (NYSEL KEY) provided financing. 

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