Mergers & Acquisitions
January 30, 2021
Stepan Acquires Invista’s Aromatic Polyester Polyol Biz
Stepan Announces Acquisition of Aromatic Polyester Polyol Business from INVISTA
Fri, January 29, 2021, 6:09 PM·5 min read
NORTHFIELD, Ill., Jan. 29, 2021 /PRNewswire/ — Stepan Company (NYSE: SCL) today announced that it has purchased INVISTA’s aromatic polyester polyol business and associated assets. Included in the transaction are two manufacturing sites, one in Wilmington, NC (United States) and the other in Vlissingen (the Netherlands), and intellectual property, customer relationships, inventory and working capital. The business acquired has global sales of approximately $100 million. This acquisition was financed with cash on hand and is expected to be accretive to Stepan’s EBITDA margins.
“We are excited to add INVISTA’s polyester polyol capabilities to Stepan. This acquisition expands our manufacturing capability in both the United States and Europe, enhances our business continuity capabilities for the market and supports the growth of our global rigid polyol business. We expect that INVISTA’s available spare capacity, plus debottlenecking opportunities in both plants, will allow Stepan to support market growth in a capital efficient way,” said F. Quinn Stepan, Jr. Chairman and Chief Executive Officer of Stepan. “We believe the long-term prospects for rigid polyol use in insulation remain strong as energy conservation efforts and more stringent building codes should continue to drive market growth. Additionally, we believe the acquired technology will accelerate our product leadership initiatives, drive manufacturing efficiencies and output, and create increased value for the overall market. We look forward to providing the highest level of service to our new customers and are excited to add the new employees and the two new sites to our global polyester polyol manufacturing network.”
Management will provide more perspective on this acquisition as part of Stepan Company’s fourth quarter and full year 2020 results conference call on February 18, 2021.
https://finance.yahoo.com/news/stepan-announces-acquisition-aromatic-polyester-230900320.html
January 26, 2021
Q4 Chemical M&A
Chemical Deal Results
| Seller | Buyer | Business | Date |
|---|---|---|---|
| Tenex Capital | Wellspring Capital | Cadence Petroleum Group (distribution of lubricants, fuel, antifreeze, diesel exhaust fluid, and other ancillary products) | 4th Quarter 2020 |
| Polysi Technologies | The Fuchs Group | silicone lubricants | 4th Quarter 2020 |
| Tilley Chemical | SK Capital | distributor and value-added service provider of specialty chemicals and lubricants | 4th Quarter 2020 |
| New Nautical Coatings | Akzo | yacht coatings | 4th Quarter 2020 |
| Islechem | Aceto (New Mountain Capital) | chemical manufacturing, contract research and development (R&D), analytical services, and technical and support services | 4th Quarter 2020 |
| Microbiome Labs | Novozymes | probiotic and microbiome solutions – $40s | 4th Quarter 2020 |
| Alpha Chemical | Brenntag | distribution in Canada (mainly in the oil and gas, mining, water treatment, and aquaculture end markets) – $12s | 4th Quarter 2020 |
| Arkema | Trinseo | polymethyl methacrylate (PMMA) and methyl methacrylate (MMA) – €510s/€1,137v | 4th Quarter 2020 |
| Audax | Huntsman | Gabriel Performance Products (specialty additives and epoxy curing agents for the coatings, adhesives, sealants, and composite end markets) – $106s/$250v | 4th Quarter 2020 |
| Winlow Browning | The Protech Group | liquid coatings for metal, glass, wood, and plastic substrates | 4th Quarter 2020 |
| Seller | Buyer | Business | Date |
|---|---|---|---|
| Kost | Recochem (HIG Capital) | coolant/antifreeze and other functional fluids in the automotive aftermarket and industrial markets. | 4th Quarter 2020 |
| Olympus Partners | PPG | Ennis-Flint (coatings and pavement marking products) – $600s/$1,150v | 4th Quarter 2020 |
| Sensient | Symrise | aroma molecules and fragrances from natural and renewable sources – $91s | 4th Quarter 2020 |
| Givaudan | Herbstreith & Fox | pectins – CHF 23s | 4th Quarter 2020 |
| Incredible Solutions | Polytek (Arsenal Capital) | epoxy coating and casting systems | 4th Quarter 2020 |
| Nova | Alpek | expandable styrenics | 4th Quarter 2020 |
| Arlanxeo | Mitsubishi Corp. | Canadian olefins (butadiene and raffinate) | 4th Quarter 2020 |
| PQ Group | The Jordan Company | glass microspheres for transportation safety and electronics applications – $363s/$650v. | 4th Quarter 2020 |
| Bio Accutech | Mayzo | distribution of specialty chemicals for the coatings, inks and plastics markets | 4th Quarter 2020 |
| Golden Gate Capital | Ardian | 50% stake in Angus Chemical Co. (nitroalkanes and derivatives) – $2,250 total enterpise value | 4th Quarter 2020 |
| Seller | Buyer | Business | Date |
|---|---|---|---|
| CI Capital | Barentz (Cinven) | Maroon Group (distribution) – $500s | 4th Quarter 2020 |
| CLP Chemicals | Shrieve Chemical | styrene, acrylates, acetic acid and other industrial chemicals distribution | 4th Quarter 2020 |
| Warren Distribution | Pritzger Private Capital | passenger car and small engine motor oils, heavy-duty motor oils, industrial lubricants and greases, automatic transmission fluids, brake and power steering fluids, and oil and gasoline performance additives | 4th Quarter 2020 |
| The Sterling Group | Pritzger Private Capital | Highline Aftermarket (manufacturer and distributor of packaged automotive chemicals, lubricants, and parts) | 4th Quarter 2020 |
| Poteet Printing | Flint Group | water-based inks for Flexographic applications to printers and converters | 4th Quarter 2020 |
| K + S | Stone Canyon Industries | salt | 4th Quarter 2020 |
http://www.chemicaldeals.com/Results.aspx?searchtext=&quarter=4th+Quarter+2020
January 26, 2021
Q4 Chemical M&A
Chemical Deal Results
| Seller | Buyer | Business | Date |
|---|---|---|---|
| Tenex Capital | Wellspring Capital | Cadence Petroleum Group (distribution of lubricants, fuel, antifreeze, diesel exhaust fluid, and other ancillary products) | 4th Quarter 2020 |
| Polysi Technologies | The Fuchs Group | silicone lubricants | 4th Quarter 2020 |
| Tilley Chemical | SK Capital | distributor and value-added service provider of specialty chemicals and lubricants | 4th Quarter 2020 |
| New Nautical Coatings | Akzo | yacht coatings | 4th Quarter 2020 |
| Islechem | Aceto (New Mountain Capital) | chemical manufacturing, contract research and development (R&D), analytical services, and technical and support services | 4th Quarter 2020 |
| Microbiome Labs | Novozymes | probiotic and microbiome solutions – $40s | 4th Quarter 2020 |
| Alpha Chemical | Brenntag | distribution in Canada (mainly in the oil and gas, mining, water treatment, and aquaculture end markets) – $12s | 4th Quarter 2020 |
| Arkema | Trinseo | polymethyl methacrylate (PMMA) and methyl methacrylate (MMA) – €510s/€1,137v | 4th Quarter 2020 |
| Audax | Huntsman | Gabriel Performance Products (specialty additives and epoxy curing agents for the coatings, adhesives, sealants, and composite end markets) – $106s/$250v | 4th Quarter 2020 |
| Winlow Browning | The Protech Group | liquid coatings for metal, glass, wood, and plastic substrates | 4th Quarter 2020 |
| Seller | Buyer | Business | Date |
|---|---|---|---|
| Kost | Recochem (HIG Capital) | coolant/antifreeze and other functional fluids in the automotive aftermarket and industrial markets. | 4th Quarter 2020 |
| Olympus Partners | PPG | Ennis-Flint (coatings and pavement marking products) – $600s/$1,150v | 4th Quarter 2020 |
| Sensient | Symrise | aroma molecules and fragrances from natural and renewable sources – $91s | 4th Quarter 2020 |
| Givaudan | Herbstreith & Fox | pectins – CHF 23s | 4th Quarter 2020 |
| Incredible Solutions | Polytek (Arsenal Capital) | epoxy coating and casting systems | 4th Quarter 2020 |
| Nova | Alpek | expandable styrenics | 4th Quarter 2020 |
| Arlanxeo | Mitsubishi Corp. | Canadian olefins (butadiene and raffinate) | 4th Quarter 2020 |
| PQ Group | The Jordan Company | glass microspheres for transportation safety and electronics applications – $363s/$650v. | 4th Quarter 2020 |
| Bio Accutech | Mayzo | distribution of specialty chemicals for the coatings, inks and plastics markets | 4th Quarter 2020 |
| Golden Gate Capital | Ardian | 50% stake in Angus Chemical Co. (nitroalkanes and derivatives) – $2,250 total enterpise value | 4th Quarter 2020 |
| Seller | Buyer | Business | Date |
|---|---|---|---|
| CI Capital | Barentz (Cinven) | Maroon Group (distribution) – $500s | 4th Quarter 2020 |
| CLP Chemicals | Shrieve Chemical | styrene, acrylates, acetic acid and other industrial chemicals distribution | 4th Quarter 2020 |
| Warren Distribution | Pritzger Private Capital | passenger car and small engine motor oils, heavy-duty motor oils, industrial lubricants and greases, automatic transmission fluids, brake and power steering fluids, and oil and gasoline performance additives | 4th Quarter 2020 |
| The Sterling Group | Pritzger Private Capital | Highline Aftermarket (manufacturer and distributor of packaged automotive chemicals, lubricants, and parts) | 4th Quarter 2020 |
| Poteet Printing | Flint Group | water-based inks for Flexographic applications to printers and converters | 4th Quarter 2020 |
| K + S | Stone Canyon Industries | salt | 4th Quarter 2020 |
http://www.chemicaldeals.com/Results.aspx?searchtext=&quarter=4th+Quarter+2020
January 15, 2021
Huntsman Completes Gabriel Acquisition
Huntsman Completes the Acquisition of Gabriel Performance Products, Further Expanding its Specialty Chemicals Portfolio
Download as PDF January 15, 2021 4:05pm EST
THE WOODLANDS, Texas, Jan. 15, 2021 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today announced it completed the acquisition of Gabriel Performance Products (Gabriel), a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity.
Huntsman paid $250 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. Gabriel had 2019 revenues of approximately $106 million with three manufacturing facilities located in Ashtabula, Ohio, Harrison City, Pennsylvania and Rock Hill, South Carolina. Based on calendar year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 11 times, or approximately 8 times pro forma for synergies.
January 15, 2021
Huntsman Completes Gabriel Acquisition
Huntsman Completes the Acquisition of Gabriel Performance Products, Further Expanding its Specialty Chemicals Portfolio
Download as PDF January 15, 2021 4:05pm EST
THE WOODLANDS, Texas, Jan. 15, 2021 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today announced it completed the acquisition of Gabriel Performance Products (Gabriel), a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity.
Huntsman paid $250 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. Gabriel had 2019 revenues of approximately $106 million with three manufacturing facilities located in Ashtabula, Ohio, Harrison City, Pennsylvania and Rock Hill, South Carolina. Based on calendar year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 11 times, or approximately 8 times pro forma for synergies.
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