London-based Vision Capital has announced a partnership with US private equity group Speyside Equity to acquire stakes in two of its portfolio companies. Vision Capital will acquire a majority stake in German-based United Initiators and a minority stake in US based Sweet Ovations.
Vision Capital announces a partnership with Speyside Equity (“Speyside”), a Philadelphia-based private equity group, pursuant to which it has agreed to acquire investments in its portfolio of two companies. The transaction remains subject to customary regulatory clearances.
Vision Capital will acquire a majority stake in German-based United Initiators and a minority stake in U.S. based Sweet Ovations from Speyside. United Initiators, which has an annual turnover of over €150 million, is a leading speciality chemical business focussed on the manufacture of organic peroxides and persulfates, with operations in Germany, the U.S., China and Australia. Sweet Ovations is a leading supplier of custom formulated food ingredients to North American food companies. Speyside will remain actively involved in both businesses, working alongside Vision Capital to support continued organic growth and potential acquisitions for both United Initiators and Sweet Ovations.
Dave Lamb, a Partner at Vision Capital, said:
“I am delighted to announce our investment in United Initiators and Sweet Ovations in a truly transatlantic deal. Both businesses have significant potential for future growth on an international scale, and we look forward to working closely with the team at Speyside to ensure we realise this potential.”
Oliver Maier, a Partner at Speyside Equity, said:
“We are very pleased to announce our partnership with Vision Capital. United Initiators and Sweet Ovations have grown in size and strength since we acquired the businesses in 2008 and 2005 respectively. We look forward to realising their future potential in partnership with Vision Capital.”
Vision Capital’s investment will be made from Vision Capital Partners VII LP, and is its fifth acquisition this year.
PrinceRidge provided financial advice to Vision Capital in connection with the transaction.