Global private equity firm H.I.G. Capital, LLC announced on WEdnesday that its portfolio company, Vantage Specialty Chemicals Holdings, Inc, a leading, vertically-integrated provider of naturally derived ingredients, has signed a definitive agreement to acquire Textron Plimon, S.L.U. Natural Oils Business.
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.
About Vantage: 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.
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, Bogotà, Rio de Janeiro and Sao 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.
