Jul 17 2010
H.I.G. Capital, LLC (“H.I.G.”), through its portfolio company, Vantage Specialty Chemicals (Chicago, IL), has recapitalized Lipo Chemicals, Inc., (Paterson, NJ) and its affiliated companies, a leading, global provider of ingredients and ingredient technologies to the personal care and cosmetics industry.
Lipo will now operate as a division of Vantage Specialty Chemicals and will continue to be headquartered in New Jersey. The current management of Lipo will remain with the business.
Vantage Specialty Chemicals is a vertically integrated, specialty chemicals producer focused on the personal care, HI&I, food and industrial markets. Vantage produces base oleochemicals, including fatty acids and glycerin, as well as oleochemical derivatives for specialty ingredients.
The combination provides Vantage a market leading presence in the fast growing personal care and cosmetics market. In addition, Lipo’s global reach will allow the combined company to achieve accelerated growth by expanding existing business relationships into new channels to market in Europe, Africa, Asia and Latin America.
“Lipo’s excellent brand in the personal care market, long-term customer relationships and its global presence are strategic assets of the company and provide Vantage another strong platform for growth,” says Julian Steinberg, Chief Executive Officer of Vantage Specialty Chemicals.
Rick Rosen, Executive Managing Director at H.I.G. Capital added, “The Lipo investment fits perfectly with Vantage. The combined company will have greater production capabilities as well as a leading position in the personal care arena. It’s an ideal complement to our strategy to build a vertically integrated, diversified, specialty chemicals platform. We are excited to team with Lipo’s existing management as we continue to grow Vantage.”
This merger creates a diversified, US based specialty chemicals company with sales approaching $500 million, seventeen (17) locations across thirteen (13) countries and over 550 employees.