Funds advised by SK Capital Partners (SK Capital) and Edgewater Capital Partners (Edgewater), private investment firms focused on the specialty materials and specialty chemicals sectors, completed their previously announced acquisition of the scintillation and photonic crystals business of Saint-Gobain, S.A.

The business has been renamed Luxium Solutions (Luxium), reflecting its position as an innovator and key partner for the healthcare, security, energy, and scientific research sectors.

Luxium, headquartered in Hiram, Ohio with global facilities in the United States, France, and India, provides single scintillation crystals for radiation detection applications, as well as sapphire and garnet substrates for photonics and power electronics applications.

Mario Toukan, Managing Director of SK Capital, stated, “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.”

“We are very excited to enter Luxium’s next period of growth in partnership with SK Capital, Mike Cahill, and the whole Luxium team. We are confident in the differentiated and mission-critical technology that Luxium brings to the market, the stewardship of a qualified management team, and the experience that Edgewater and SK Capital bring to the Company,” stated Ryan Meany, Managing Partner of Edgewater Capital.

Mike Cahill, Vice President Crystals at Saint-Gobain, will remain with the business and be named CEO of Luxium Solutions. Cahill has led the business under Saint-Gobain since 2015.

“At Luxium, we are all excited to collaborate with the SK Capital and Edgewater teams to usher in the Company’s next phase of growth as an independent player. The transition in ownership has been seamless and we have been pleased to continue providing our customers with the same quality of service they’ve known for years. Our next chapter will be defined by an enhanced commercial strategy and a product portfolio that provides even greater value to our customers, suppliers, and employees,” Cahill stated.

Latham & Watkins 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.