Verdant Specialty Solutions is acquired by Samyang

The South Korean industrial conglomerate Samyang Holdings has purchased the American surfactant maker Verdant Specialty Solutions for roughly $250 million. Verdant says it expects to end this year with $210 million in revenue.

Verdant was formed in May 2021 after the private equity firm OpenGate Capital purchased Solvay’s amphoteric surfactant business for an undisclosed amount and installed industry veteran John Foley as the business’s CEO.

At the time, Foley told C&EN that he was planning a small number of acquisitions to build Verdant into a cohesive specialty surfactant company. Foley moved quickly. Verdant bought DeForest Enterprises and ParaFlow Energy Solutions that July and Baze Chemical that October. The deals added products, energy production expertise, and heavy manufacturing to Verdant’s base in the home and personal care market.

At the Chemical Summit, an industry meeting held in September 2023 near Verdant’s Houston headquarters, Foley expressed satisfaction with the way the company had come together. He said Verdant was functioning well as it evaluated its options to remain independent or be acquired by a larger chemical company.

In a social media post the day of the announcement, Foley wrote that despite starting in the middle of the pandemic and facing a host of economic headwinds, Verdant built a great business and sold at an attractive price. “We had a great plan which the talented Verdant team successfully executed with a heavy dose of grit and determination,” he wrote. “After some celebration and a short break, I will be looking forward to finding my next growth project.”

Though Samyang will be 100 years old in 2024, Verdant will be its first step into the Americas; most of its assets are in South Korea. In a press release, the firm’s chairman, Kim Yoon, describes Verdant as the start of its plan to become a global specialties supplier through mergers, acquisitions, and joint ventures in markets including health, semiconductors, batteries, and cleantech.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts