View all NewsAurora Capital-Backed Spray-Tek Expands into Biodegradable Microencapsulation Market with Acquisition of TRuCapSol
MIDDLESEX, N.J., Aug. 7, 2023 /PRNewswire/ -- Spray-Tek, LLC ("Spray-Tek"), North America's leading provider of specialized spray drying and ingredient processing solutions, announced today that it has acquired TRuCapSol, a premier provider of biodegradable encapsulation technologies. Terms of the transaction were not disclosed.
With a robust intellectual property portfolio and talented group of R&D professionals, TRuCapSol offers biodegradable microencapsulation technologies for a wide variety of demanding end-markets. TRuCapSol's market-validated product portfolio of biodegradable capsules, along with other complementary technologies currently in development, meaningfully expands Spray-Tek's addressable market and adds unique delivery solutions to complement Spray-Tek's existing ingredient processing capabilities.
"TRuCapSol shares our unwavering commitment to exceptional service and has a proven track record of engaging directly with its blue-chip customer base to deliver exceptional results, said David Brand, President and Chief Executive Officer of Spray-Tek. "We welcome the TRuCapSol team and look forward to leveraging their capabilities and expertise to take advantage of market tailwinds across an expanded customer base and wider set of applications. We are excited to combine our extensive spray drying and ingredient processing solutions with TRuCapSol's uniquely biodegradable product portfolio and R&D capabilities."
"We believe there is an enormous opportunity in partnering with Spray-Tek," said Jiten Dihora, Co-Founder and Chief Technology Officer at TRuCapSol. "Personal care companies are actively moving away from microplastics, such as melamine formaldehyde, in favor of more environmentally friendly, biodegradable alternatives. With Spray-Tek's relationships and technical capabilities, we can fully realize the opportunities afforded by our unique, patented technologies."
Since partnering with Aurora in 2021, Spray-Tek has made significant investments to support its growth, including building seven new spray dryers and constructing a greenfield facility in Beloit, Wisconsin.
William Blair served as financial advisor and McDermott Will & Emery LLP served as legal advisor to TRuCapSol on the transaction. Massumi + Consoli LLP served as legal advisor to Spray-Tek.
About Spray-Tek
Spray-Tek, LLC is the leading independent provider of specialty spray drying and ingredient processing solutions to the food and beverage, nutritional, pharmaceutical, nutraceutical, beauty & personal care, household products and soft chemical industries. The company was founded in Middlesex, NJ in 1980, opened its Bethlehem, PA facility in 2002, and opened its Beloit, WI facility in 2022. Spray-Tek offers a wide breadth of spray drying and related ingredient processing capabilities, serving as an integral supplier and partner to its blue-chip customers. Learn more about Spray-Tek and its capabilities here: www.Spray-Tek.com.
About TRuCapSol
TRuCapSol is a microencapsulation company that produces environmentally friendly capsules, utilizing patented processes that decrease waste and improve the effectiveness of customers' formulations. The capsules are used in consumer and nutritional products, including fragrances, essential oils, and pharmaceuticals. Learn more about TRuCapSol: https://trucapsol.com/
About Aurora Capital Partners
Aurora Capital Partners is a leading Los Angeles-based private equity firm with $5 billion in assets under management. Founded in 1991, the firm invests in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. For more information about Aurora Capital Partners, visit: www.auroracap.com.
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SOURCE Spray-Tek, LLC