- Mergers & Acquisitions
Calumet Specialty Products acquires Biosynthetic Technologies
Calumet Specialty Products Partners, L.P., a leading independent producer of specialty hydrocarbon and fuels products, announced that it has completed the acquisition of Biosynthetic Technologies, LLC, a startup company and developer of proprietary renewable technology focused on the conversion of sustainable plant oils into high-performance synthetic base stocks called estolides. Biosynthetic Technologies was a privately held company funded in part by multiple FT Global 500 companies.
Calumet plans to develop and commercialize these renewable esters at its existing esters manufacturing facility in the U.S. state of Missouri. The acquisition of Biosynthetic Technologies was completed in partnership with The Heritage Group, a technology partner whose business model offers synergies with Calumet that will maximize the value of the acquired technology portfolio.
“The acquisition of Biosynthetic Technologies and its technological capabilities align very well with the partnership’s specialty products-focused growth strategy, and our vision to be the premier specialty petroleum products company in the world,” said Tim Go, CEO of Calumet.
“This acquisition, alongside the recently announced opening of our new Research and Development facility in Indianapolis, are indicative of Calumet’s commitment to innovation. The technology and expertise we have acquired will help extend our existing esters business into new, forward-thinking product formulations with exceptional qualities for which the Calumet name represents.”
Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products; produces fuel products including gasoline, diesel fuel and jet fuel. Calumet is based in Indianapolis, Ind., U.S.A., and operates 11 manufacturing facilities located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jersey and eastern Missouri.
Headquartered in Irvine, Calif., U.S.A., Biosynthetic Technologies holds exclusive rights to patented technology that converts fatty acids found in plant and animal oils into high-performance synthetic oils that can be used in the industrial lubricant, personal care and other chemical sectors. These “biosynthetic” base oils exhibit many superior characteristics compared to petroleum-based products, the company claims.