News: Suppliers
14 June 2024
Kymera to acquire silicon carbide materials firm Fiven
Kymera International of Research Triangle Park, NC, USA (which develops and manufactures specialty materials and high-performance surface coatings) has signed an agreement to acquire Fiven ASA of Oslo, Norway from Los Angeles-based global private equity firm OpenGate Capital, which acquired Fiven in 2019 through a corporate carve-out from Saint-Gobain.
With production facilities in Norway, Belgium and Brazil, as well as a global distribution network, Fiven manufactures silicon carbide grains and powders for industrial end markets such as metallurgy, refractories, abrasives, filtration, and technical ceramics. Through its recent R&D initiatives, it has developed and marketed high-purity materials for power electronics industries such as semiconductors and lithium-ion batteries. Under the leadership of CEO Falk Ast, Fiven continues to drive collaborative relationships with its customers, with a strong emphasis on environmental, social & governance (ESG) issues.
“Fiven has all of the strong attributes we look for in an acquisition. They have an excellent reputation for quality and service, are aligned with Kymera’s strategy of focusing on attractive end markets such as electronics, aerospace and defense, and have an outstanding management team and dedicated workforce,” comments Kymera’s CEO Barton White, who expects to continue growing Fiven and capitalize on the operational and commercial synergies that they have identified.
Since 2018, Kymera has been owned by affiliates of Palladium Equity Partners LLC, a middle-market private equity firm with over $3bn in assets under management. “The acquisition of Fiven will accelerate Kymera’s mission to become a high-growth specialty materials and chemicals platform, and unlocks substantial organic growth opportunities for the combined business,” reckons Palladium partner Adam Shebitz. “Altogether, Kymera is well on its way towards achieving Palladium’s investment objectives, having more than tripled in size from our initial investment, while creating a more resilient business oriented towards the industries of tomorrow.”
The acquisition of Fiven is expected to close in third-quarter 2024 following customary regulatory approvals.
