TorQuest Partners in connection with the ICL Group’s investment in its portfolio company, Bartek Ingredients Inc.

Torys acted as counsel to TorQuest Partners with a team led by Danielle Kline and Guy Berman that included Alison Shamie, Sarah Strong, Brianna Pioli, Shefali Sood and Isaac Papsin (corporate/M&A), Andy Gibbons (real estate), Tom Zverina (financing), Tom Stevenson (employment), Michael Fortier (environmental), Omar Wakil (competition), Ed Fan (IP) and Benjamin Mann (tax).

On December 17, 2025, the ICL Group entered into a definitive agreement to subscribe for a stake (the “Subscription”) in Bartek Ingredients Inc. (“Bartek”), a portfolio company of TorQuest Partners (“TorQuest”), with an opportunity to acquire the remaining stake of Bartek from Torquest Partners at a later date (the “Acquisition”).

Closing of the first phase, the Subscription, occurred in January 2026. Closing of the second phase, the Acquisition, which will result in the acquisition of the remaining shares by the ICL Group of Bartek from TorQuest, is subject to certain timing, business, and integration milestones.

TorQuest Partners, based in Toronto, Ontario, is one of Canada's original private equity firms, with more than 20 years' experience building middle-market leaders across multiple industries. It invests in middle market companies and works in close partnership with management to build value.

Bartek is a leading producer of malic acid, fumaric acid, and maleic anhydride. It distributes its products to more than 40 countries worldwide from its headquarters in Ontario, Canada, and operates the only vertically integrated maleic anhydride and food-grade malic and fumaric acid production facilities in North America.

ICL Group is a leading global specialty minerals company, which creates impactful solutions for humanity's sustainability challenges in the food, agriculture and industrial markets. It leverages its unique bromine, potash and phosphate resources, its global professional workforce, and its sustainability focused R&D and technological innovation capabilities, to drive the company's growth across its end markets.