A Carnegie manufacturer of products for the baking industry has been sold by the private equity firm that acquired it six years ago.
Mallet & Co. was sold to Vantage Specialty Chemicals Inc. by ICV Partners LLC, which purchased Mallet with the company's chairman Robert Mallet. Financial terms of the deal weren't announced. Vantage Specialty Chemicals, which is headquartered in Chicago, is owned by another private equity firm, Jordan Co. LP.
Mallet makes a number of products for the baking industry, including icing, emulsifiers, and food-grade oils that go into frozen pizza, quick-serve restaurant pizza, commercial baked goods and other foods. It also makes organic products. Mallet was started in 1939 by Robert Mallet's father, Louis D. Mallet, who was president from 1939 to 1967. Mallet's mother, Dorothy, was president and CEO from 1967 to 1985 when Robert Mallet took over along with another family member. He is still chairman; Bob Campanale is the CEO.
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