A Waldo company whose products are used in a range of consumer goods is sold
A Waldo County company that produces widely used additives for food, pharmaceuticals and cosmetics has been acquired by a Maryland firm.
Ingredients Solutions Inc., which is based on Moosehead Trail in the town of Waldo, was acquired by Tilley Co. Inc., which is based in Baltimore.
Tilley is a regional distributor and value-added service provider of specialty chemicals and lubricants and itself is a portfolio company of SK Capital Partners, a New York City-based private equity firm.
“Tilley Company is extremely pleased to welcome ISI’s Waldo, Maine, R&D laboratory and hydrocolloid specialists into the Tilley family. Ingredients Solutions brings a leading hydrocolloid offering and best-in-class product application know-how to meet the precise needs of food, beverage, and personal care customers. Furthermore, this acquisition fits our strategic [mergers and acquisitions] plan by enhancing Tilley’s food and beverage ingredient product solutions, while also expanding geographic access,” said Sean Tilley, president and CEO of Tilley.
Terms of the deal were not announced.
Ingredients Solutions was founded in Waldo in 1992.
The Waldo company produces specialty hydrocolloids, offering a range of products derived from renewable plants and algae. It also offers technical and R&D strengths, supporting the development of new products. Its clients produce a range of products in sectors like dairy, meat and poultry, plant-based food and beverages, sauces and dressings, bakery, pet food and pharmaceuticals.
One of the Waldo company’s products is carrageenan, a thickening agent used in foods and other consumer products. It claims to be the largest independent supplier of carrageenan, which is derived from red seaweed. Carrageenan has been blamed for some digestive issues, but the Food and Drug Administration has approved its use as a food additive and it continues to be widely used. (There’s another Maine connection to the product as well: In 2017, DuPont acquired a significant carrageenan producer, the Rockland-based health-and-nutrition division of FMC Corp.)
Ingredients Solutions also produces sodium alginates, pectin, locust bean gum, tara gum, gellan gum, agar-agar, xanthan gum and konjac gum, according to its website.
Tilley cited the company’s organic-allowed, natural and Non-GMO Project Verified solutions.
Ingredients Solutions has warehouse operations in Hazelwood, Mo.; La Mirada, Calif.; and Brampton, Ontario, Can., according to its website.
The Waldo operations will fit into Tilley’s line of hydrocolloid products for food and beverage, animal nutrition, personal care and pharmaceutical markets, the company said.
Tilley said the combined company “represents a full-service solutions provider as one of the largest independent distributors of hydrocolloids in North America. The acquisition of ISI is the first in Tilley’s history and comes shortly after the partnership with SK Capital was announced in 2020,” the company said in a press release.
“Together with ISI, Tilley remains committed to working with manufacturers who practice the sustainable and ethical production and sourcing of hydrocolloids,” it said in the release.
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