MOSCOW (MRC) -- Gryphon Investors, a leading middle-market private equity firm, announced that it has acquired Vivify Specialty Ingredients in partnership with the Company's current family owner Aakash Shah, who will remain on the Board of Directors, and Vivify management, said the company.
Vivify is a leading provider of specialty organic colorants, functional ingredients, and additives across multiple consumer and industrial end markets. This represents the third platform investment closed by Gryphon's Heritage Fund, a small-cap fund offering launched by Gryphon in 2020. Financial terms of the transaction were not disclosed.
Based in Glendale Heights, IL, Vivify is a leading provider of specialty chemicals for colorant and related specialty applications in the personal care & cosmetics, food & beverage, packaging, plastics, coatings, and agriculture industries. Specializing in organic pigments, dyes, liquid colorants, slip additives, specialty resins, and specialty food ingredients, the Company distributes products that are manufactured both domestically and internationally and sold in more than 50 countries. Through a technical, high-touch salesforce, innovative lab and regulatory support capabilities, and the ability to support short turnaround times, the Company supports customer-specific solutions focused on product performance and customized applications. CEO Devlin Riley and other members of the management team will continue to lead the Company.
Keith Stimson, Deal Partner and Head of the Heritage Fund Team at Gryphon, said, "Gryphon's Heritage Fund leverages our firm's sector initiative strategy and deep pool of relevant operating resources, and focuses on partnering with market leaders with sustainable differentiation. We believe Vivify is an exceptional player in the attractive colorant and ingredient markets, and we see a variety of opportunities for additional investments to accelerate growth, including add-on acquisitions."
Craig Nikrant, Gryphon Operating Partner on the Heritage Fund Team, said, "Vivify has 40 years of experience addressing customer needs through innovative formulations, robust laboratory and regulatory support capabilities, and high-quality products. Its outstanding research has developed standardized methods to assure consistency and meet customers' quality, safety, and environmental requirements. We look forward to working with Devlin and his team as we invest in this business and enable its continued growth."
Gryphon was advised by legal counsel Kirkland & Ellis and financial advisor Guggenheim Securities, LLC. Keybanc Capital Markets served as the exclusive financial advisor to Vivify, and Gibson Dunn served as legal counsel.
Vivify is a leading provider of specialty colorants and functional ingredients to customers across multiple consumer and industrial end markets. Through diverse sourcing capabilities, advanced lab expertise, and a technical, high-touch salesforce, Vivify delivers customer-specific solutions focused on product performance and customized applications.
Based in San Francisco, Gryphon Investors is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over USD7.5 billion of equity investments and capital since 1997. Gryphon targets making equity investments of USD50 million to USD300 million in portfolio companies with enterprise values ranging from approximately USD100 million to USD600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, specialized professional resources, and operational expertise.
In May 2021, Aakash Chemicals & Dye-Stuffs, a Glendale Heights, Ill.-based value-added supplier of colorants and specialty ingredients, said it rebranded as Vivify Specialty Ingredients.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,047,100 tonnes in the first ten months of 2021, up by 17% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,226,530 tonnes in January-October 2021, up by 26% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding stat-copolymers of propylene (PP random copolymers) decreased significantly.
Vivify also said its subsidiary Calico Food Ingredients, a supplier of colors, flavors, vitamins and coatings, simplified its brand to Calico while unveiling a new logo and website. The new website, highlights Calico’s range of more than 1,000 custom product formulations, including powder blends, liquids and oil dispersions, as well as formulation support.