Private equity firm OpenGate Capital is to acquire the amphoteric surfactant manufacturing business from Solvay. The acquisition is subject to the satisfaction of works council consultations and regulatory approvals.
The Business is a key player in surfactants, with a focus on the production of amphoterics primarily utilised in body care, hair care, and home care products. Approximately 175 employees are part of the Business and it also includes three main production sites located in: University Park, Illinois USA; Halifax, UK; Genthin, Germany; and a tolling business in Turkey.
OpenGate Capital’s Founder and Chief Executive Officer Andrew Nikou, says: “We are incredibly proud to have been chosen by Solvay to guide their amphoteric surfactant business in its next stage of growth. We look forward to collaborating closely with the Business’ management team to help them reach their strategic objectives and drive continued success.”
Upon the completion of the acquisition, John Foley will serve as Chief Executive Officer of the Business. Foley is a tenured, industry veteran and has held the roles of Chief Executive Officer at ORG Chemical Holdings, and Vice President & General Manager of Novecare, North America.
Foley says: “I am looking forward to working alongside the existing team and continuing their great work, as well as with the OpenGate team, which is an operationally focused, collaborative investor. There is a bright future ahead for the Business and I am excited to begin the work.”
“This agreement represents another critical step in the execution of our strategic plan as we further focus our home & personal care portfolio on growing specialty formulations and custom solutions,” says Michael Radossich, president of Solvay’s Novecare global business unit.
Source: Private Equity Wire
