Vantage Specialty Chemicals, a leading, vertically-integrated provider of naturally derived ingredients, has signed a definitive agreement to acquire Textron Plimon, S.L.U. Natural Oils Business (“Textron”).
Textron is a leading manufacturer, processor and specialty formulator of natural oils for the personal care, food and chemical industries. 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.
Textron’s product portfolio includes cosmetic oils, formulations of EVOILS®, food oils, bismuth derivatives, cosmetic ingredients and preservatives.
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’s world-class production facility and focus on vegetable oils is a natural fit with Vantage’s current portfolio. It will create a global leader in the increasingly demanding world of traceable and sustainable natural oils for personal care and allow us to better serve the evermore stringent sourcing needs of our combined customer base,” added Serge Rogasik, Senior Vice President of Vantage’s Personal Care business.
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.