Jordan Company-backed Vantage Specialty Chemicals Inc has agreed to buy Mallet and Company Inc, a portfolio company of ICV Partners. No financial terms were disclosed. Based in Pennsylvania, Mallet is a provider of baking release agents in North America. William Blair & Company LLC provided financial advice to Mallet on the transaction.
Vantage Specialty Chemicals, Inc, a leading provider of natural-based specialty ingredients focused on personal care, food, consumer, and industrial end markets, has signed a definitive agreement to acquire Mallet and Company, Inc. (“Mallet”or the “Company”). Vantage is currently owned by Vantage management and a privateequity fund managed by The Jordan Company, L.P. Mallet is a portfolio company of ICV Partners, a private equity firm based in New York and Atlanta.
Headquartered outside of Pittsburgh, Pennsylvania, Mallet is the market-leading North American provider of baking release agents, offering innovative products and capabilitiesto the food industry with a focus on R&D, technical service, and custom formulation and packaging capabilities. The Company provides high-quality, process-critical ingredients that increase ingredient quality and efficacy and lower costs by reducing waste.
Richard McEvoy, Vantage’s Chief Executive Officer, commented: “Mallet has built a compelling, unique business model by providing not only release agents and specialty ingredients but also equipment solutions. Their customer focus, innovation and technical support are aligned with Vantage’s strategy. The acquisition of Mallet provides an immediate expansion of our existing food ingredients business. The combined business will provide additional opportunities to take what the Mallet team has accomplished to date and accelerate growth.”
William Blair & Company, L.L.C. acted as the exclusive financial advisor to Mallet in connection with the transaction.