Key Takeaways
- • Catchment Capital has acquired Isolatek International, a 151-year-old passive fireproofing materials manufacturer, from SK Capital Partners in a transaction expected to close before the end of Q2 2026.
- • Isolatek serves high-growth end markets including data centers, lithium-ion battery production facilities, semiconductor manufacturing, and commercial construction, with branded products including intumescent coatings and cementitious fireproofing systems that meet UL, EN, and BS regulatory standards.
- • SK Capital owned Isolatek for approximately 2.75 years (August 2023 to April 2026), during which it expanded the platform through the March 2024 acquisition of Albi Protective Coatings and reportedly achieved meaningful growth and operational improvements.
- • Catchment Capital, founded in 2024 by former Crestview Partners co-president Alex Rose and backed by J.P. Morgan and Lord Abbett Private Credit as debt providers, targets North American and European industrial companies with EBITDA up to $75 million and focuses on secular growth trends including the structural shift toward intumescent fireproofing technologies.
- • RBC Capital Markets advised Catchment; Evercore advised SK Capital and Isolatek on the transaction.
Summary
Catchment Capital has agreed to acquire Isolatek International from SK Capital Partners, marking the handoff of a specialized fireproofing materials company positioned in structurally growing industrial and infrastructure markets. The transaction is expected to close before the end of the second quarter of 2026. While deal financial terms were not disclosed, the acquisition represents Catchment's entry into the passive fireproofing sector and reflects confidence in secular demand tailwinds in data centers, battery production, and semiconductor manufacturing.
Isolatek, founded in 1875 and headquartered in Stanhope, New Jersey, manufactures and distributes passive fireproofing materials including intumescent coatings—which expand when exposed to heat to protect structural steel—and cementitious fireproofing products for building frameworks. The company also supplies acoustical and insulation products and provides on-site technical support. All products meet stringent regulatory standards including UL (Underwriters Laboratories), EN (European Norm), and BS (British Standards Institution) certifications, a critical requirement for institutional, commercial, and advanced manufacturing applications.
SK Capital acquired Isolatek in August 2023 and expanded the platform in March 2024 with the purchase of Albi Protective Coatings from StanChem Resins, a division of Deltech. According to SK Capital's portfolio disclosures, the firm has since realized its investment in Deltech, which SK Capital acquired majority control of in August 2021. Jon Borell, managing director at SK Capital, stated that Isolatek "underwent a period of meaningful growth and transformation" under SK Capital's ownership, driven by strategic investments in innovation, operations, and commercial capabilities.
Catchment Capital, founded in 2024 and headquartered in New York City, invests in North American and European industrial technology, services, and products companies with EBITDA up to $75 million. Managing Partner Alex Rose, who previously served as co-president at Crestview Partners leading industrials strategy and worked at General Electric and Goldman Sachs, leads the firm. Catchment identified Isolatek's market-leading position and exposure to "attractive secular growth drivers, including the structural shift towards intumescent technologies," according to investment partner Rohan Bhargava. J.P. Morgan and Lord Abbett Private Credit Advisor provided committed debt financing for the acquisition. RBC Capital Markets served as financial advisor to Catchment, while Evercore advised SK Capital and Isolatek.
Isolatek, founded in 1875 and headquartered in Stanhope, New Jersey, manufactures and distributes passive fireproofing materials including intumescent coatings—which expand when exposed to heat to protect structural steel—and cementitious fireproofing products for building frameworks. The company also supplies acoustical and insulation products and provides on-site technical support. All products meet stringent regulatory standards including UL (Underwriters Laboratories), EN (European Norm), and BS (British Standards Institution) certifications, a critical requirement for institutional, commercial, and advanced manufacturing applications.
SK Capital acquired Isolatek in August 2023 and expanded the platform in March 2024 with the purchase of Albi Protective Coatings from StanChem Resins, a division of Deltech. According to SK Capital's portfolio disclosures, the firm has since realized its investment in Deltech, which SK Capital acquired majority control of in August 2021. Jon Borell, managing director at SK Capital, stated that Isolatek "underwent a period of meaningful growth and transformation" under SK Capital's ownership, driven by strategic investments in innovation, operations, and commercial capabilities.
Catchment Capital, founded in 2024 and headquartered in New York City, invests in North American and European industrial technology, services, and products companies with EBITDA up to $75 million. Managing Partner Alex Rose, who previously served as co-president at Crestview Partners leading industrials strategy and worked at General Electric and Goldman Sachs, leads the firm. Catchment identified Isolatek's market-leading position and exposure to "attractive secular growth drivers, including the structural shift towards intumescent technologies," according to investment partner Rohan Bhargava. J.P. Morgan and Lord Abbett Private Credit Advisor provided committed debt financing for the acquisition. RBC Capital Markets served as financial advisor to Catchment, while Evercore advised SK Capital and Isolatek.
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