At the end of 2025, Ancala Partners, an award-winning independent infrastructure fund manager established Valentra, a new company, to acquire from Hexion a portfolio of pipeline-connected sites and storage facilities for the production, storage and transportation of critical chemical intermediates, in the three key sites: Baytown, Texas; Luling, Louisiana; and Geismar, Louisiana.
Valentra is now the largest producer of formalin in North America, and its facilities are among the largest pipeline suppliers for methanol-based raw materials on the U.S. Gulf Coast.
Alex Mihut, former Vice President of Ascend Performance Materials’ Global Performance and Specialty Chemicals Business, joined Valentra as CEO in December to oversee the transition to a standalone enterprise and lead Valentra going forward. As well as Alex and other new team members, the team that previously operated the Valentra assets within Hexion transitioned into the new enterprise. Alex and the Valentra team now deliver continuity of operations and best-in-class service for its customers and broader stakeholders.
Commenting on the acquisition, Alex Mihut said:
“I am excited to be leading Valentra as we begin our journey as an independent entity with a strong foundation and deep industry expertise. As we move forward, our top priority remains clear: continuing to provide strong support to our existing customers and partners, for stability, reliability and continuity through this transition.
“We are very pleased to be partnering with Ancala to build a platform for long-term growth – one that would allow us to expand our capabilities and bring even greater value to the markets we serve. I am excited to lead this next chapter and look forward to the opportunities ahead for our customers, our team and our business.”
Ancala Partners will work closely with Alex and the Valentra team to explore organic and acquisitive value creation opportunities. As part of the transaction, around 20 new roles have been created at Valentra to add to the organization’s headcount.
Lee Mellor, Partner at Ancala, said:
“Valentra’s assets play a critical role in supporting leading global chemicals companies in manufacturing chemicals that are essential to a diverse range of end markets. The portfolio’s infrastructure qualities, well invested asset base and long-standing customer relationships make it a natural fit for Ancala’s strategy.
“We will be working closely with Alex and the Valentra team to build on the portfolio’s strong operational track record.”
