New Delhi, February 27 Anupam Rasayan India, a manufacturer of specialty chemicals, announced on Friday that it had completed the acquisition of US-based Jayhawk Fine Chemicals Corporation for approximately USD 150 million, as it seeks to expand its global presence and move towards end-use markets.
Jayhawk, a part of the Switzerland-based CABB Group and founded in 1941 in Galena, Kansas (US), was acquired through Anupam's wholly-owned subsidiary, Doriath SARL.
The deal was financed through USD 109 million in Class B non-voting shares issued by Doriath and USD 41 million in debt, Anupam Rasayan stated in a press release.
Of the total consideration, USD 129 million was funded by Altis XII Pte. Ltd., an affiliate of funds managed by Oaktree Capital Management, which oversees assets of USD 223 billion, while Axis Bank provided the remaining USD 21 million.
Jayhawk, which generates approximately 65 per cent of its revenue from performance materials, has customers in the electronics, aerospace, energy, and polymers sectors, with the majority of its sales coming from the US market.
Anupam stated that Jayhawk would be fully integrated into its financials, and the deal would be accretive to earnings per share.
"This transaction marks a significant milestone in our long-term strategy of building a differentiated, innovation-led global specialty chemicals platform," Managing Director Anand Desai said.
Anupam stated that the acquisition would help it build an integrated platform alongside its existing businesses, Tanfac Industries and Anupam Rasayan, combining complementary chemistries across geographies and creating cross-selling opportunities.