Gelest Boosts Portfolio with Bimax Buy
Gelest, a US manufacturer of silicones, organosilanes and metal-organics, has purchased Bimax, a producer of specialty monomers and polymers used to make contact and intraocular lenses, personal care products, coatings and adhesives, among other advanced technology applications. Financial terms of the deal were not disclosed.
Commenting on the acquisition, Ken Gayer, Gelest’s CEO, said: “Bimax strengthens our position in high-growth value-added applications, provides access to new customers and talent and expands our production capability and R&D pipeline.”
Andre Moura, managing director at Gelest’s majority shareholder New Mountain Capital, added that the two businesses were highly complementary.
Gelest has been a portfolio company of New York-based investment firm New Mountain Capital since March 2017. New Mountain Capital owns a controlling interest in the Morrisville, Pennsylvania-based company, with Gelest’s founder and management team maintaining a “significant” shareholding.
Bimax, which is headquartered in Glen Rock, Pennsylvania, will continue to operate under its own name and will retain all its employees in their current roles.
