Canadian mid-market private equity firm TorQuest Partners has acquired Bartek Ingredients Inc, a Stoney Creek, Ontario-based specialty chemical manufacturer.
Terms weren’t disclosed.
Founded in 1969, Bartek produces and distributes malic acid, fumaric acid and other products used in food and beverage and industrial applications. It has a network of more than 40 distributors selling in over 35 countries.
John Burrows, Bartek’s incoming CEO, said the partnership with TorQuest will support the company’s next phase of global growth by expanding the commercial team and building on recently increased production capacity.
Bartek is TorQuest’s 40th platform investment and sixth in the specialty chemicals sector.
The acquisition comes on the heels of TorQuest’s investment in Cando Rail Services Ltd.
TorQuest Partners Completes Acquisition of Bartek Ingredients
TORONTO, Nov. 13, 2018 /CNW/ – TorQuest Partners (“TorQuest”) today announced the acquisition of Bartek Ingredients Inc. (“Bartek” or the “Company”), a specialty chemical manufacturer serving food & beverage and industrial end markets.
Terms of the transaction were not disclosed.
Headquartered in Stoney Creek, Ontario, Canada, Bartek is a global leader in the production and distribution of malic acid and fumaric acid, specialty products that improve flavor profiles, food safety, and profitability in food and beverages, add nutritive benefits while displacing antibiotics in animal nutrition formulations and contribute to the quality, safety and efficacy of industrial applications. Bartek distributes to over 35 countries around the world and employs 115 people across two production facilities in Southern Ontario. Bartek is a vertically integrated manufacturer, supplying its malic and fumaric acid operations with internally produced maleic anhydride, a versatile intermediary chemical that the Company manufactures in a standalone facility located adjacent to its acidulants operations. For more information about Bartek, visit www.bartek.ca.
Matthew Chapman, Partner at TorQuest said, “Bartek is TorQuest’s and its predecessor funds’ sixth chemical platform and reflects our strategy of acquiring leading chemical businesses. With Bartek being in our home market, we have followed the Company for many years and have tremendous respect for the business, production facilities and its workforce. We are delighted to be partnering with incoming CEO John Burrows and the existing management team, and to provide equity capital to support the next stage of Bartek’s growth.”
“TorQuest’s investment speaks volumes to the quality of the business and its workforce,” said John Burrows, the incoming CEO of Bartek. “I am excited to be part of the Company’s next phase of growth by aggressively expanding Bartek’s commercial team and building upon the recent successes that the Company has achieved in growing its production capacity. There is growing global demand for malic acid and Bartek is attractively positioned to capture this growth.”
About Bartek Ingredients
Established in 1969, Bartek Ingredient Inc. is a leading producer of malic acid, fumaric acid and maleic anhydride. Headquartered in Stoney Creek, Ontario, Canada, Bartek employs 115 people across its two production facilities in Southern Ontario. Bartek’s facilities are registered to the ISO 9001:2015 Standard and it distributes to over 35 countries around the world. For more information about Bartek, visit www.bartek.ca.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, visit www.torquest.com.
For further information: Media Contact for TorQuest Partners: Olena Lobach, 416 649 8009, firstname.lastname@example.org