OpenGate Capital sells Verdant to Samyang
Houston, TX (December 18, 2023) – Samyang Holdings announced today that it has acquired the management rights of the U.S.-based specialty chemical manufacturer Verdant Specialty Solutions from private equity firm OpenGate Capital. The total acquisition amount was approximately USD 250 million.
This move is in line with Samyang Group’s push to strengthen its specialty business interests and accelerate its global operations as the group aims to achieve an annual revenue of KRW 6 trillion (approximately USD 4.6 billion) by 2025.
Headquartered in Texas, Verdant has been incorporated as a subsidiary of Samyang Holdings. Verdant’s main business area is the supply of amphoteric surfactants for personal care products, as well as non-ionic surfactants for industrial applications, while its annual revenue reaches around USD 210 million. “We are excited to become a part of a dynamic and forward-looking company with such a complimentary portfolio of technologies while extending Verdant’s global reach. The acquisition of Verdant by Samyang Holdings, a strategic buyer, is a great evolution for Verdant and its employees.” stated Todd Nelmark the New CEO of Verdant Specialty Solutions.
With a diverse client base of over 1,000 customers worldwide, including global personal care brands like Unilever and L'Oréal along with industrial chemical manufacturers, Verdant has around 300 employees and production bases in the U.S., U.K., and Germany. It has positioned itself with steady growth potential in developed markets.
Samyang Holdings is the holding company of Samyang Group, which operates chemical, food, biopharmaceutical, and packaging businesses. Having entered the personal care specialty business by acquiring the Korean listed company KCI in 2017, Samyang Group is anticipating synergy and strengthened competitiveness between Verdant and KCI based on their complementary product portfolios. To learn more about KCI, please visit www.kciltd.com.
"The core of Samyang Group’s new growth strategy is 'specialty' and 'global,' while seeking to change and enrich lives through specialty materials and solutions," said Kim Yoon, chairman of Samyang Holdings. "The acquisition of Verdant is the start of our plan to pursue M&As and joint ventures with various suitable global partners in addition to our internal capabilities. We’re inheriting Verdant’s excellence - including people, technology, and products - as we actively support Samyang Group’s goal of developing as a global leader.”
Samyang Group, which will celebrate its 100th anniversary next year, is pursuing a mid- to long-term growth strategy, “Vision 2025.” Its aim is to expand the group’s specialty business and global market share, while preparing to take another leap forward in the coming 100 years. As such, it is fostering various materials in the health and wellness, semiconductor, secondary battery, and eco-friendly sectors.
About Samyang Holdings
Samyang Holdings is the holding company of Samyang Group, a Korean heritage global conglomerate founded in 1924 comprising chemical, bio-pharmaceutical, food ingredient, and beverage packaging businesses. Samyang deploys over USD 5 billion in assets through its 18 subsidiaries and affiliates across the globe, expanding its presence worldwide via acquisitions and alliances. Samyang is committed to high ESG standards, founded on the core values of trust, innovation, talent, challenge, performance-focused, and customer-oriented. Samyang will become a centennial conglomerate on October 1, 2024. To learn more about Samyang Holdings and the Group, please visit www.samyang.com.
Samyang Contacts: Hyunkuk Lee
About Verdant Specialty Solutions
Verdant is a global specialty chemical company that supports human well-being through the power of science and nature. With a growing portfolio of sustainable solutions, the company is a leading provider of amphoteric surfactants for the personal care, home and hygiene, and industrial markets. Verdant’s international team of dedicated professionals are committed to quality, safety, and reliability. Verdant delivers best-in-class solutions while creating value for all stakeholders. The company’s headquarters are in Houston, Texas. Visit www.verdantspecialty.com to learn more.
Verdant Contacts: Ashley Sills
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build, and scale successful businesses. To date, OpenGate Capital has executed more than 40 platform acquisitions across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.