Catchment Capital on Tuesday, April 21, said it’s agreed to acquire Isolatek International, a specialty materials business owned by SK Capital Partners LP.

Catchment didn’t disclose the financial terms of the transaction, which will see the firm partner with Isolatek to increase investment in its product portfolio and further strengthen its customer support services. The firm said it also plans to expand the company’s technology portfolio and broaden its position in high-growth end markets.

Stanhope, N.J.-based Isolatek manufactures and delivers fireproofing and acoustical and insulation products used in commercial, industrial, petrochemical and infrastructure projects. The company was founded in 1875 as a manufacturer of mineral wool.

The acquisition comes after The Deal reported in October that SK Capital had retained Evercore Inc. to advise on a sale effort for Isolatek. The business was marketed on $28 million of Ebitda, The Deal reported.

SK Capital invested in Isolatek in August 2023, less than four weeks after the firm announced the close of its second lower middle market fund, Catalyst II, at $800 million in commitments, including a $50 million pledge from the general partner. Isolatek was SK’s second investment from Catalyst II.

New York-based Catchment has been targeting $500 million for its first fund to invest in industrial technology, services or product companies in North America and Western Europe. The firm targets businesses with $25 million to $50 million of Ebitda, according to With Intelligence.

The Deal reported in October that Catchment was focused on building advanced electronic systems designer Fidus Systems, its first platform investment, through targeted acquisitions that expand and deepen its exposure to a variety of end markets.

New York-based SK Capital focuses on specialty materials, ingredients and life sciences companies, with a track record of carving out and scaling high-performance platforms. It invests from its flagship strategy in upper middle market and large companies and from its Catalyst funds in smaller and midsize companies.

It closed its sixth flagship fund with $2.95 billion in commitments in 2024.

Catchment expects the acquisition to close in the second quarter of 2026, subject to customary closing conditions.

Catchment tapped RBC Capital Markets for financial advice and Gibson, Dunn & Crutcher LLP for counsel. JPMorgan Chase & Co. and Lord, Abbett & Co. LLC provided debt financing. Founder Alex Rose and investment partner Rohan Bhargava worked on the acquisition internally.

A Goodwin Procter LLP team led by Colin G. Carley, Barbara J. Shander, Steven Clemens and John Goheen was counsel to SK and Isolatek on the deal. Evercore provided financial advice. Managing director Jonathan Borell worked on the sale internally along with Isolatek CEO Michael Harvey. Goodwin also provided counsel on SK’s acquisition of Isolatek.