Vantage Specialty Chemicals, a portfolio company of H.I.G. Capital, has acquired B&B Tritech, a manufacturer of chemical compounds and solutions used in the aviation industry.
The buy of B&B is the first add-on acquisition that Vantage has completed since H.I.G. acquired a majority interest in the company in October 2017. B&B’s products are used primarily by the aviation industry for cleaning, paint removal, and de-greasing of aircraft and aircraft components. B&B was founded in 1953 and is headquartered near Miami in Hialeah, FL.
“We are pleased to support Vantage in its acquisition of B&B which fits squarely within the company’s strategy of acquiring unique and complementary technologies in our existing end markets,” said Keval Patel, a Managing Director at H.I.G.
Vantage Specialty Chemicals is a supplier of chemical products used in personal care applications, industrial lubricants, chemical derivatives and other household and industrial products. The company’s more than 2,000 products include chemical ingredients for hair, skin, sun care and other cosmetic products; chemicals with applications in oil and gas, food production, lubricants, precision cleaning and other industry specialties; and oleochemicals which are chemicals derived from plant and animal fats.
The company is headquartered in Chicago and operates a global manufacturing and supply chain across 6 manufacturing facilities, 13 formulation laboratories and 19 distribution warehouses located in 14 countries across the United States, Latin America, South Africa, Europe, and Asia (www.vantagespecialties.com).
Vantage Specialty Chemicals was formed by H.I.G. in May 2008 through the acquisition of Croda International’s US oleochemical business. In October 2008 Vantage completed the add-on acquisition of Lambent Technologies and in July 2010 completed a second add-on acquisition with the buy of Lipo Chemicals. In January 2012, H.I.G. sold Vantage to The Jordan Company and then in October 2017 reacquired a majority equity interest in the company with The Jordan Company maintaining a minority equity interest.
“We are excited about the addition of B&B’s product offering to Vantage’s cleaning and aerospace portfolio,” said Richard McEvoy, Chief Executive Officer of Vantage. “B&B is an excellent strategic fit with Vantage’s performance materials division and provides complementary products to serve our growing aerospace segment. We look forward to growing the business with new and existing customers by leveraging Vantage’s sales and supply chain footprint globally.”
H.I.G. specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing and service businesses. H.I.G. has more than $25 billion of capital under management. The firm is based in Miami with additional offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro (www.higcapital.com).
© 2018 Private Equity Professional | April 17, 2018
