H.I.G. Capital News
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Vantage Specialty Chemicals Signs Definitive Agreement to Acquire Textron Plimon, S.L.U. Natural Oils Business
MIAMI – April 3, 2019 – H.I.G. Capital, LLC ("H.I.G."), a leading global private equity investment firm with over $30 billion of equity capital under management, is pleased to announce that its portfolio company, Vantage Specialty Chemicals Holdings, Inc. (“Vantage” or the “Company”), a leading, vertically-integrated provider of naturally derived ingredients, has signed a definitive agreement to acquire Textron Plimon, S.L.U. Natural Oils Business (“Textron”).
Textron is a leading manufacturer, processor and specialty formulator of natural oils for the personal care, food and chemical industries. Located near Barcelona in Granollers, Spain, Textron is focused on supplying high quality, natural oils out of a new, state-of-the-art manufacturing facility that sources oils and seeds from all over the world. Textron’s product portfolio includes cosmetic oils, formulations of EVOILS®, food oils, bismuth derivatives, cosmetic ingredients and preservatives. As part of the transaction, Textron will spin-off its Spanish distribution business (“Plimon”) which will remain with the prior ownership group and continue distributing products for Textron.
“The acquisition of Textron supports our commitment to strategically grow and expand the value we bring our customers throughout the world in natural oils. This strategic combination builds upon Vantage’s existing leadership position in jojoba oil and further establishes Vantage and Textron as premier providers of natural oils to broaden and complement our specialty ingredient solutions for evolving trends in personal care and food,” commented Andy Harris, Chief Executive Officer of Vantage.
“This is an exceptional combination of people and natural products, which will provide significant benefits for both companies and most importantly our customers,” said Martin Lascorz, owner and CEO of Textron who will continue to work with the combined entities. “With the support and backing of Vantage, Textron is well positioned to meet the growing needs of our customers and continue to bring expanded opportunities to our employees. We are delighted to be a part of the Vantage family.”
“Textron significantly diversifies Vantage’s natural oils business beyond jojoba and establishes Vantage as a leading producer of high-quality, natural oils with unique supply chain, testing, and formulation capabilities,” commented Keval Patel, Managing Director at H.I.G. “We are excited to build upon Vantage’s European manufacturing footprint following the acquisition of LTG last year as we continue to expand our specialty personal care business globally.”
Textron is the fourth add-on acquisition that Vantage has completed since H.I.G. acquired the Company in October 2017.
The transaction is expected to close by June 2019.
About Textron Plimon, S.L.U.
Textron is a leading manufacturer, processor and specialty formulator of natural oils for the personal care, food and chemical industries throughout Europe and globally. Natural oils are vital ingredients utilized in the manufacturing of a wide range of products for daily use across personal care and food applications. Textron was founded in 1980 by Martin Lascorz. For more information, visit https://www.plimon.com.
Vantage is a leading producer of naturally derived, specialty ingredients focused on Personal Care, Food, Consumer Care and Industrial end markets with a portfolio of over 2,000 products. Headquartered in Chicago, IL, Vantage operates a global manufacturing and supply chain across 9 manufacturing facilities, 14 formulation laboratories and 19 distribution warehouses located in 14 countries across the United States, Latin America, South Africa, Europe, and Asia. For more information, visit http://www.vantagespecialties.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $30 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.