Huntsman Corporation completed the acquisition of Gabriel Performance Products, LLC from funds owned by Audax Management Company, LLC.
January 14, 2021
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Huntsman Corporation (NYSE:HUN) entered into an agreement to acquire Gabriel Performance Products, LLC from funds owned by Audax Management Company, LLC for $250 million on December 7, 2020. Under terms of the agreement, Huntsman will pay $250 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. Gabriel had 2019 revenues of approximately $106 million. 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. The transaction is subject to regulatory approvals. As of January 11, 2021, FTC granted early termination notice. The transaction is expected to close in the first quarter of 2021. In this transaction Clifford Chance US LLP acted as legal advisor to Huntsman Corporation (NYSE:HUN.
Huntsman Corporation (NYSE:HUN) completed the acquisition of Gabriel Performance Products, LLC from funds owned by Audax Management Company, LLC on January 15, 2021. Under the terms of agreement, the acquired business of Gabriel Performance Products will be integrated into our Advanced Materials segment. Healy, John A. (Partner) ;Kilmer, Stephanie ; Makar, Jake; Cha, Curtis Kyuyong; Wagman, Philip; Borchert, Dan; Adler, Howard; Jain, Atul; Manthas, Victoria; Torkieh, Solomon; Fairbairn, Daryl; Saionz, Jennifer; Cosentino, Joseph; Lee, Benjamin; McGowan, Thomas; Cornell, Timothy; Pyon, Esther S.; Sillman, Lauren of Clifford Chance, New York acted as legal advisor to Huntsman.
Huntsman Corporation is a manufacturer of diversified organic chemical products. The Company operates through three segments: Polyurethanes, Performance Products and Advanced Materials. Polyurethanes product segment includes methylene diphenyl diisocyanate, polyols, thermoplastic polyurethane products. Performance Products segment engaged in manufacturing and sale of amines and maleic anhydride and serves a wide variety of consumer and industrial end markets. Its Advanced Materials segment includes technologically advanced epoxy, phenoxy, acrylic, polyurethane, mercaptan and acrylonitrile butadiene-based polymer products as well as carbon nanomaterials. Its products comprise different chemicals and chemical formulations, which it markets globally to a wide range of consumers that consist primarily of industrial and building product manufacturers. The Companyâs products are used adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable.