06 January 2012 16:49 [Source: ICIS news]
HIG's sale of Chicago-based Vantage to Jordan had been expected. Financial market sources told ICIS in December that Vantage's estimated final selling price may be between $400m–480m (€312m-374m) or higher.
HIG formed Vantage in 2008 through its acquisition of Croda’s
Vantage, which later acquired specialty chemical firms Lambent Technologies and Lipo Chemicals, has annual revenues of more than $500m.
In a statement, Vantage CEO Julian Steinberg said: “HIG has been a tremendous partner to Vantage and has been instrumental in helping us establish and execute our growth strategy.”
“In the last three and a half years, we’ve made two sizeable acquisitions, expanded our global reach, invested in new technologies, and made sizeable capital investments to increase capacity at both of our manufacturing facilities,” Steinberg added.
Additional reporting by Joseph Chang in New York
($1 = €0.78)
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