Mid-market private investment firm Highlander Partners has bought Fuerst Day Lawson (FDL) in partnership with the latter’s chief executive, Mac Mardi.
FDL supplies the food, beverage, fragrance and chemical industries with specialist ingredients. Its products include grains for sweeteners and sugars, mint oils and castor oil for making plastics, cosmetics and other chemical products.
Mardi, who has been chief executive for six years, said in a statement that Highlander Partners had “deep, relevant experience in the food ingredient space” and would seek further expansion.
Highlander president Mike Nicolais will join FDL’s board as co-chairman. He said: “Similar to our other portfolio companies, we intend to supplement organic growth with strategic acquisitions that build on and expand FDL’s existing business and product offerings.”
Highlander Partners is based in Texas and has over $1 billion of assets under management, according to a recent statement. The firm focuses on food and beverage, speciality chemicals, building materials and consumer products businesses. It acquired a 60 percent majority stake in Polish food company QFG in January, leaving its founders with a 40 percent share. The US firm’s portfolio includes investments in US and Central European light manufacturing and food and beverage products, as well as business and industrial services.
A spokeswoman at FDL refused to comment.
Ardian recently bought European ingredients provider Solina Group through its €2.8bn Ardian Mid Cap Buyout Fund V from IK.