Huntsman Corporation has 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.
Gabriel Acquired for USD 250 Mn
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.
About Huntsman
Huntsman Corporation is a manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately $7 billion. Its chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. Huntsman operates more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within its four distinct business divisions.
Source: Huntsman