Vantage Specialty Chemicals, owned by US private equity group H.I.G. Capital, has signed a definitive agreement to buy Spanish oils company, Textron Plimon. The acquisition is anticipated to complete by June 2019.

Headquartered in Granollers, near Barcelona, Textron’s portfolio includes its own brand of Evoil formulations, cosmetic and food oils, bismuth derivatives, cosmetic ingredients and preservatives used in the personal care, food and chemical industries.

As part of the deal, Textron will spin-off its Plimon Spanish distribution business, which will remain under its existing ownership and continue distributing products for Textron/Vantage.

“This strategic combination builds upon Vantage’s existing leadership position in jojoba oil and further establishes Vantage and Textron as premier providers of natural oils to broaden and complement our specialty ingredient solutions for evolving trends in personal care and food,” commented Andy Harris, Vantage’s CEO.

Textron is the fourth bolt-on acquisition that Vantage has made since being acquired by H.I.G. in October 2017. Last November, the Chicago, Illinois-based group agreed to buy German surfactants specialist Leuna-Tenside from equity investors VR Equitypartner and BIP Investment Partners and in September 2018, it bought Amarna, a leading US manufacturer of water-based release agents used in various food applications.

In April 2018, Vantage purchased B&B Tritech, a Florida-based manufacturer of surface treatment solutions for the defense and commercial aviation markets.