H.I.G. Capital Makes Investment in Specialty Chemicals Company-Lipo Chemicals

MIAMI – July 13, 2010 – H.I.G. Capital, LLC (“H.I.G.”), through its portfolio company, Vantage Specialty Chemicals (Chicago, IL), has recapitalized Lipo Chemicals, Inc., (Paterson, NJ) and its affiliated companies, a leading, global provider of ingredients and ingredient technologies to the personal care and cosmetics industry. Lipo will now operate as a division of Vantage Specialty Chemicals and will continue to be headquartered in New Jersey. The current management of Lipo will remain with the business.

Vantage Specialty Chemicals is a vertically integrated, specialty chemicals producer focused on the personal care, HI&I, food and industrial markets. Vantage produces base oleochemicals, including fatty acids and glycerin, as well as oleochemical derivatives for specialty ingredients.

The combination provides Vantage a market leading presence in the fast growing personal care and cosmetics market. In addition, Lipo’s global reach will allow the combined company to achieve accelerated growth by expanding existing business relationships into new channels to market in Europe, Africa, Asia and Latin America.

“Lipo’s excellent brand in the personal care market, long-term customer relationships and its global presence are strategic assets of the company and provide Vantage another strong platform for growth,” says Julian Steinberg, Chief Executive Officer of Vantage Specialty Chemicals.

Rick Rosen, Executive Managing Director at H.I.G. Capital added, “The Lipo investment fits perfectly with Vantage. The combined company will have greater production capabilities as well as a leading position in the personal care arena. It’s an ideal complement to our strategy to build a vertically integrated, diversified, specialty chemicals platform. We are excited to team with Lipo’s existing management as we continue to grow Vantage.”

This merger creates a diversified, US based specialty chemicals company with sales approaching $500 million, seventeen (17) locations across thirteen (13) countries and over 550 employees.

About Lipo Chemicals
Headquartered in Paterson, NJ, Lipo Chemicals is a premier provider of ingredients and ingredient technologies to the personal care and cosmetic industry. Lipo’s affiliates include Ruger Chemicals, Lipo Technologies, Inc, and affiliate companies that are incorporated in Argentina, Brazil, Chile, China, Columbia, Costa Rica, France, Guatemala, Mexico, Peru, South Africa and Venezuela. Ruger Chemicals is a cGNP distributor of pharmaceutical and cosmetic ingredients with operations in Linden, NJ. Lipo Technologies is one of the world leaders in delivery system technologies with operations in Vandalia, OH. For more information, please refer to the Lipo website at www.lipochemicals.com.

About Vantage Specialty Chemicals
Headquartered in Chicago, IL, Vantage Specialty Chemicals is a diversified specialty chemicals producer. The Company has two manufacturing facilities in the Chicago area and focuses on producing tallow and vegetable based fatty acids and glycerin and kosher and non-kosher derivatives including alkoxylates, esters and high performance blends. The Company serves the personal care, HI&I, food processing, colorant and industrial end markets. For more information, please refer the Vantage website at www.vantagespecialties.com.

About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 50 companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.hig.com.