OpenGate Capital Exits Investment in Verdant Specialty Solutions Through Sale to Samyang Specialty Solutions

OpenGate Capital ("OpenGate"), a global private equity firm, announced today that it has exited its investment in Verdant Specialty Solutions (the "Company"), a chemical manufacturer of surfactants focused on the production of specialty amphoterics and ethoxylates, through a sale to Samyang Specialty Solutions, a subsidiary of Samyang Holdings ("Samyang"). Financial terms were not disclosed.

The Company was established in May 2021, when OpenGate carved out the North American and European amphoteric surfactant business from Solvay and named it Verdant Specialty Solutions. Since then, the Company has been led by John Foley, an industry veteran hired by OpenGate to reenergize the Company's commercial strategy and accelerate growth while maintaining a focus on safety, compliance, and reliability. Under Mr. Foley's leadership and in partnership with OpenGate, it completed several add-on acquisitions that expanded its technology portfolio and U.S. manufacturing footprint. Today, it is an important global supplier for some of the world's most recognizable personal care, home, and hygiene brands, with a diverse international customer base of more than 600 customers in 46 countries.

"John and the team at Verdant have been exceptional partners, as we worked together to make our vision for the Company a reality," said Andrew Nikou, OpenGate Capital's Founder and Managing Partner. "Together, we were able to not only expand the Company's growing portfolio of sustainable solutions, but also position it for continued growth in the years to come."

"This transaction marks an important milestone in Verdant's journey to become a global partner for the surfactant and batch-scale specialty solutions industry," said John Foley, Verdant's CEO. "We are proud of what we have achieved alongside OpenGate these past few years, which is a testament to the firm's unmatched reputation in the industry for successfully completing corporate carve-outs, integrating add-on acquisitions and its overall innovative approach."

"Verdant's growing portfolio of sustainable solutions and products highly complements our overall vision of sustainable growth and high-quality, first-rate products for customers," said Tae-Ung Eom, CEO of Samyang Holdings. "Together, we have an opportunity to extend Samyang's chemicals business into both the Americas and abroad."

Verdant's add-on acquisitions included DeForest Enterprises and ParaFlow Energy Solutions in a single transaction from Chemical Services Group, as well as Baze Chemical.

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.

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.

About Samyang Holdings

Samyang Holdings is the holding company of Samyang Group, a Korean heritage global conglomerate founded in 1924 comprising of chemicals, bio-pharmaceuticals, food ingredients 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^st 2024. To learn more about Samyang Holdings and the Group, please visit www.samyang.com.