Niagara Falls specialty chemical manufacturer Niacet Corp. has been acquired by a New York City investment firm, SK Capital Partners, in a deal that will shift ownership away from the Brannen family for the first time in 38 years.
Kelly Brannen, Niacet's CEO, will remain in that position and will hold a "significant," but unspecified ownership stake in the business. The Brannen family purchased Niacet from Union Carbide in 1978.
Niacet has about 190 employees between its Niagara Falls headquarters and two production facilities.
The company, which makes organic salts for the food, feed and pharmaceutical industries, has more than 300 customers in 57 countries.
SK Capital focuses on investments in the specialty materials, chemical and pharmaceutical fields.
“The Niacet investment is consistent with SK Capital’s strategy of investing in niche market leaders in segments where we have significant industry, operating, and ownership experience and where we can be a strong value-added partner," said Jack Norris, an SK Capital managing director, in a statement.
"This investment exemplifies the power of our sector-focused strategy where significant commercial and cost synergies can be generated across portfolio companies," he said.
Brannen said the deal would provide Niacet with "insights, resources and capital" that would strengthen the company's business and accelerate its growth.
SK Capital last summer acquired opiates manufacturer Noramco from Johnson & Johnson. In 2015, it bought Italian wine ingredients manufacturer AEB Group.