A joint venture company has made a majority investment in Valencia’s Flavor Producers Inc., the firms announced Wednesday.
Flavor Producers makes flavors and extracts for the food and beverage industry, focusing on organic and natural flavors.
The buyer is Ceba-Tech Speciality Solutions of St. Louis. Ceba-Tech is a partnership formed early this year between Chicago-based GTCR, a private equity firm, and Charles A. Nicolais, a veteran executive in the specialty chemicals and ingredients industry. Ceba-Tech’s mission is to acquire companies and assets in that field.
Flavor Producers will remain independent and keep its three facilities and research and development groups in Valencia; Cincinnati, and Linden, N.J.
“I am thrilled to be part of the next chapter of Flavor Producers by partnering with Charles Nicolais and GTCR,” said Jeff Harris, chief executive officer of Food Producers, in a statement. “I believe their industry experience and resources can add significant value as we continue to grow organically and through strategic acquisitions of proprietary capabilities and businesses.”
GTCR Managing Director Sean Cunningham, in a statement, said: “The company has an excellent track record of growth driven by a customer centric focus and high-quality products, and we look forward to committing additional capital to support both organic initiatives and strategic follow-on acquisitions.”
The transaction was described as a recapitalization that was “a strategic, majority investment.” Other terms were not announced.