Mitsubishi Chemical officials expect to complete the deal this year, pending customary regulatory review and approval. Financial terms of the deal were not disclosed in the April 30 announcement.
Morrisville, Pa.–based Gelest makes and supplies silicones, organosilanes, metal-organics, and specialty monomers for advanced technology end markets including medical devices, life sciences, microelectronics and personal care.
“We are excited to acquire Gelest as its business fits well within MCC’s long-term strategy,” said Steve Yurich, president of MCA. “Since becoming familiar with Gelest, we have recognized the tremendous capabilities in research and development and production that help create its outstanding position with key customers. Furthermore, MCC’s operating resources and customer network will enhance the ability to bring Gelest’s technologies to market and accelerate the development of new customer solutions to drive advances in digital social infrastructure, vision care, and other life-sciences applications.”
Gelest’s parent company Gelest Intermediate Holdings is a portfolio company of New Mountain Capital.