Global law firm Hogan Lovells advised Saint-Gobain on entering into an exclusive negotiation process for the sale of its worldwide Crystals and Detectors business to a consortium led by SK Capital Partners associated with Edgewater Capital Partners.
SK Capital Partners and Edgewater Capital Partners, US private equity firms specialising in advanced materials, have made a binding and irrevocable offer to purchase the company for an enterprise value of US$214 million.
As part of its High Performance Solutions division, the Crystals and Detectors business provides radiation detection solutions for medical imaging, security, nuclear safety, oil and gas exploration and environmental monitoring. It also provides sapphire products for the medical, industrial, electronics and aerospace industries.
This Crystals and Detector business employs around 400 people and generated revenues of close to 75 million euros in 2021.
This transaction will enable Saint-Gobain to focus the activities of its High Performance Solutions division on markets where the Group enables its customers to accelerate their move towards carbon neutrality and circularity.
Subject to customary employee consultations and regulatory approval, the transaction is expected to be completed in the fourth quarter of 2022.
The Hogan Lovells team in Paris was composed of Xavier Doumen (partner), Pierre-Marie Boya (counsel) and Charlotte Berger in corporate law ; Eric Paroche (partner) and Eleonore Castagnet (associate) in competition law; Marion Guertault (partner) in employment law ; Ludovic Geneston (partner) and Maryll Pizzetta (associate) in tax.
In the United States, the Hogan Lovells team included William Yavinsky (partner), Peter Dixon (senior associate), Remington Ricciuti and Eli Mekonen (associates) in corporate; Logan Breed (partner) and Robert Baldwin (Counsel) in competition law, Brian Curran (partner), Zach Alvarez (senior associate), Mike Scheimer (partner) and Lauren Olmsted (associate) in global regulatory.
JSA advised Saint-Gobain in India.
The purchasers were advised by Latham (Denis Criton in Paris).a
