Vantage Specialty Chemicals Holdings, a leading, vertically integrated provider of naturally derived ingredients and portfolio company of private equity firm H.I.G. Capital, has signed a definitive agreement to acquire Textron Plimon, S.L.U. Natural Oils Business.
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 for the personal care, food, and chemical industries. 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.
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