SOUTHBURY, Conn., Feb. 10, 2014 (GLOBE NEWSWIRE) -- Artek Surfin and Aterian Investment Partners, currently joint owners of Galata Chemicals, have reached a definitive agreement whereby Artek Surfin will acquire Aterian's shares in Galata Chemicals. The transaction is expected to close in March. The company will continue to operate as it does today with the current organization in place.
"Over the past four years, Aterian and Artek have successfully partnered with the Galata Chemicals organization to build a leader in PVC Additives with a global footprint and an expanded portfolio of innovative products," said Steven McKeown, President and COO of Galata Chemicals. "We are thankful for Aterian's significant contribution to the turnaround and growth of Galata Chemicals and look forward to continue to partner with Artek as we enter the next phase of our growth strategy."
Michael Fieldstone, partner at Aterian, added "It has been a pleasure to partner with Artek and the dedicated and talented Galata management team in the Company's successful reinvigoration and new product development efforts. We are thrilled by the outcome and look forward to watching Artek and the Company in its continued success."
"We are extremely excited about the growth opportunities Galata's business has and are committed to growing this business, including the addition of manufacturing assets in Asia," said Vishal Goenka. "To get to where Galata is today would not have been possible without a great partner in Aterian and the enthusiasm of TEAM GALATA."
Galata Chemicals
Galata Chemicals is a leading global producer of plastics additives including mixed metal heat stabilizers, organotin heat stabilizers, epoxidized soybean oil, polymer modifiers, tin catalysts and bio-based plasticizers. Additional information concerning Galata is available at www.galatachemicals.com.
Artek
Artek Surfin Chemicals and its group company Sterling Auxiliaries are one of the largest specialty chemical companies in India, focusing on surfactants, alkyl alkanol amines, textile chemicals, metal finishing and other specialty chemical sectors. Artek has substantial experience developing and operating chemical plants and distributing and marketing specialty chemical products internationally.
Aterian Investment Partners
Aterian Investment Partners ("Aterian") is an operationally-focused middle market private equity firm focused on investing in businesses that are financially or operationally challenged, yet strategically viable with well-defined reasons to exist. Aterian invests in turnarounds, distressed situations, restructurings, carve-outs, underperformers or other complex investment situations in middle market companies generating $25 million to $500 million of revenue. After making an investment, Aterian, in partnership with portfolio company management teams, seeks to relentlessly focus on the critical growth, cost and liquidity initiatives of a business in an effort to drive value creation. The Aterian principals have extensive professional experience having collectively worked on over 100 transactions representing over $1.25 billion of invested equity as well as $6.5 billion of debt financings.