OpenGate Capital has acquired Solvay’s North American and European amphoteric surfactant business and will rename it Verdant Specialty Solutions. No financial terms were disclosed. John Foley will serve as Verdant’s CEO.
LOS ANGELES & PARIS–(BUSINESS WIRE)–OpenGate Capital, a global private equity firm, announced today that it has completed the acquisition of the North American and European amphoteric surfactant business from Solvay (Euronext: SOLB). As part of this transaction, the business has been renamed Verdant Specialty Solutions (“Verdant”), representing a new chapter of innovation and growth for the company. Terms of the acquisition were not disclosed.
Under the leadership of newly appointed Chief Executive Officer John Foley, Verdant will reenergize its commercial strategy and accelerate growth while continuing to focus on safety, compliance, and reliability. The company will expand its portfolio of sustainable solutions for the personal care, home and hygiene, industrial, and other markets by pursuing an accretive acquisition strategy in existing and adjacent technologies and markets. Mr. Foley is a proven executive in the specialty chemicals sector and brings more than 30 years of experience to Verdant.
OpenGate Capital’s Founder and Chief Executive Officer Andrew Nikou stated, “There has been a notable increase in demand across the personal care, and home and hygiene markets particularly for natural-based products, which have accelerated over the last year in light of the ongoing pandemic. The potential for Verdant and the chemicals sector in terms of growth and innovation makes this acquisition appealing. One of the first steps in positioning Verdant for continued success was bringing in John Foley as the new leader for the business.”
John Foley, Chief Executive Officer of Verdant, stated, “OpenGate Capital’s deep operational expertise and collaborative approach will be critical as Verdant continues to create and deliver high quality, secondary surfactants and specialty chemicals that meet our customers’ evolving needs.”
Serving more than 100 customers in 30 countries, Verdant is an important supplier for some of the world’s most recognizable personal care, and home and hygiene brands. Verdant intends to further diversify its customer base by serving more small- and mid-size manufacturers in a wider range of market segments.
The company has approximately 175 employees across three main production sites in University Park, Illinois USA, Halifax, UK, Genthin, Germany, and a tolling business in Turkey. Verdant’s new headquarters will be in Houston, Texas.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build, and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions including corporate carve-outs, management buyouts, special situations, and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.
About Verdant Specialty Solutions
Verdant is a global specialty chemical company that supports human well-being through the power of science and nature. With a growing portfolio of sustainable solutions, the company is a leading provider of amphoteric surfactants for the personal care, home and hygiene, and industrial markets. Verdant’s international team of dedicated professionals are committed to quality, safety, and reliability. Verdant delivers best-in-class solutions while creating value for all stakeholders. The company’s headquarters are in Houston, Texas. Visit www.verdantspecialty.com to learn more.