M&A Deal Summary

Turnspire Capital Partners Acquires Ashland Nutraceuticals

On May 7, 2024, private equity firm Turnspire Capital Partners acquired food company Ashland Nutraceuticals from Ashland

Acquisition Highlights
  • This is Turnspire Capital Partners’ 1st transaction in the Food sector.
  • This is Turnspire Capital Partners’ 10th transaction in the United States.
  • This is Turnspire Capital Partners’ 1st transaction in Delaware.

M&A Deal Summary

Date 2024-05-07
Target Ashland Nutraceuticals
Sector Food
Buyer(s) Turnspire Capital Partners
Sellers(s) Ashland
Deal Type Divestiture

Target

Ashland Nutraceuticals

Wilmington, Delaware, United States
Ashland Nutraceuticals is a provider of proprietary nutrition ingredients and custom formulation services that supplies a broad portfolio of both active ingredients and formulation aids to nutritional product companies. Ashland Nutraceuticals is based in Wilmington, Delaware.

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Buyer(S) 1

DESCRIPTION

Turnspire Capital Partners is a private investment firm focused on acquiring North American companies that have reached 'strategic, operational, or financial inflection points' with their business and could benefit from a hands-on investor. Turnspire will consider a variety of transaction situations, including special situations, corporate carve-outs, and family transitions. Sectors of interest include aerospace/defense, automotive, machinery, chemicals, consumer, building materials, food/beverages, logistics, metals, packaging, and plastics. Prospective companies generally have revenues of $50 to $400 million. Turnspire Capital Partners was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 11 of 14
Sector (Food) 1 of 1
Type (Divestiture) 7 of 8
State (Delaware) 1 of 1
Country (United States) 10 of 13
Year (2024) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-27 USG Water Solutions

Atlanta, Georgia, United States

USG Water Solutions is a provider of water asset management services for small and medium public water utilities in North America. USG’s offerings include maintenance services for water storage tanks, pipe networks, and concrete structures in water and wastewater plants. USG Water Solutions is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-06 Swanson Industries

Morgantown, West Virginia, United States

Swanson Industries provoides manufacturing, remanufacturing, repair, and distribution services of mining equipment, hydraulic cylinders, and related industrial equipment across the United States. Swanson Industries was founded in 1964 and headquartered in Morgantown, West Virginia.

Buy -

Seller(S) 1

SELLER

Ashland

Wilmington, Delaware, United States

Category Company
Founded 1924
Sector Chemicals
Employees3,800
Revenue 2.2B USD (2023)
DESCRIPTION

Ashland is a global specialty chemicals company. Ashland has three reportable segments: Specialty Ingredients, Performance Materials, and Valvoline. Specialty Ingredients is a global provider of cellulose ethers, vinyl pyrrolidones, and biofunctionals. Performance Materials is composed of two divisions: Composites and Intermediates/Solvents. Performance Materials is a global provider of unsaturated polyester resins and vinyl ester resins. Ashland was founded in 1924 and is based in Wilmington, Delaware.


DEAL STATS #
Overall 13 of 14
Sector (Food) 1 of 1
Type (Divestiture) 11 of 12
State (Delaware) 2 of 2
Country (United States) 13 of 14
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-08 Ashland - Carbonyl Iron Manufacturing assets and business lines

Covington, Kentucky, United States

Ashland's Carbonyl Iron Manufacturing assets and business lines are critical raw materials for the chemical, defense, and metals manufacturing sectors. Ashland's Carbonyl Iron Manufacturing assets and business lines are based in Covington, Kentucky.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-05 Pharmachem Innovations

Kearny, New Jersey, United States

Pharmachem Innovations is a provider of proprietary nutrition ingredients and custom formulation services that supplies a broad portfolio of both active ingredients and formulation aids to nutritional product companies. Pharmachem Innovations is based in Kearny, New Jersey.

Sell -