Vantage Specialty Chemicals, a portfolio company of The Jordan Company, has agreed to acquire Mallet and Company from ICV Partners which acquired the company in October 2010.
Mallet & Company is a manufacturer of oils, ingredients and equipment sold to the commercial baking industry. Products include food grade release compounds; edible oils and specialty blends; icing emulsifiers; bread pan oilers; and cake pan greasers. The company was founded in 1939 by Louis Mallet and is headquartered near Pittsburgh in Carnegie, PA (www.malletoil.com).
“Mallet has built a compelling, unique business model by providing not only release agents and specialty ingredients but also equipment,” said Richard McEvoy, Vantage’s Chief Executive Officer. “The acquisition of Mallet provides an immediate expansion of our existing food ingredients business.”
Vantage Specialty Chemicals is a maker and distributor of natural-based specialty chemicals used in the personal care, food, consumer, and industrial end markets. Vantage operates 6 manufacturing facilities throughout the United States, and laboratories and commercial offices in 14 countries across Latin America, South Africa, Europe and Asia. The company is headquartered in the Chicago suburb of Gurnee, IL (www.vantagespecialties.com).
The Jordan Company acquired Vantage Specialty Chemicals in January 2012 from H.I.G. Capital. Vantage was formed by H.I.G. in May 2008 through the acquisition of Croda International’s U.S. oleochemical business. Vantage then acquired Lambent Technologies in October 2008 and Lipo Chemicals in July 2010.
The Jordan Company is a middle-market private equity firm with over $6 billion of assets under management. The firm was founded in 1982 and is headquartered in New York with an additional office in Chicago (www.thejordancompany.com).
ICV Partners, the seller of Mallet & Company, invests in family-owned and closely-held businesses as well as corporate divestitures that have revenues from $25 million to $250 million and EBITDAs from $5 million to $30 million. The firm has $850 million of capital under management. ICV was founded in 1998 and has offices in New York and Atlanta (www.icvpartners.com).
William Blair & Company (www.williamblair.com) was the financial advisor to Mallet in connection with this transaction.
© 2016 Private Equity Professional • 7-22-16
