Sun Capital Partners has added on two companies to to its specialty chemicals platform, Sonneborn. The Florida-based firm purchased the product lines Petronate and Oxpet from chemical manufacturer Chemtura in a bankruptcy sale. Financial terms of the transaction were not disclosed.
Both Petronate and Oxpet are primarily rust preventatives widely used in the metalworking industry. “These two products are absolute market leaders,” Christopher Thomas, a principal with Sun Capital, told PEO.
The transactions were the latest in a series of deals for the turnaround-focused private equity firm. To date this year, the firm has completed 10 platform transactions and 11 add-on acquisitions, in line with a previously stated goal of making between 25 and 30 acquisitions per year.
“We've been very opportunistic,” Christopher Thomas, a principal with Sun Capital, told PEO, while conceding the firm was not following any “common thread” in making investment decisions. It has looked at potential deals for restaurants, chemical companies, industrial manufacturers and retail outlets.
“[We're] really investing across a broad specturm of industries,” a spokesperson added.
Earlier this month, the firm purchased Safety Tubs, a privately held US business specialising in the design and manufacturing of walk-in bathtubs for those with limited mobility.
On 2 June, Sun acquired Bar Louie Restaurants, a national restaurant chain with a concentration of locations in the Mid West. That deal came just two weeks after sun purchased Captain D’s Seafood Kitchen, the second largest casual seafood chain in the United States.