Indian chemicals firm Artek Surfin Chemicals now is the sole owner of PVC additives maker Galata Chemicals after buying out partner Aterian Investment Partners.
No purchase price was disclosed in the transaction, which was announced April 30. The two investors had unveiled plans for the deal in February. At that time, Galata President and Chief Operating Officer Steven McKeown said that Galata “was thankful for Aterian's significant contribution to the turnaround and growth” of the firm.
After the transaction, Galata will continue to operate as usual with its current organization in place, officials said.
Mumbai-based Artek and New York-based Aterian had formed Artek Aterian Holding Co. LLC in 2010 when they paid $16.2 million in cash for the PVC additives business of Chemtura Corp. They then renamed that business as Galata.
Galata is based in Southbury, Conn., and operates plants in Hahnville, La., and Lampertheim, Germany. The firm's products include plasticizers, lubricants and foaming agents.
Artek and its Sterling Auxiliaries unit specialize in metal-finishing chemicals. Aterian is a private equity firm that invests in small and middle-market companies that are financially or operationally constrained. Chemtura was operating under bankruptcy protection when it sold the PVC additives business to Artek Aterian.
The business that became Galata had annual sales estimated at $240 million when it was acquired. A current annual sales total was unavailable.