Anupam Rasayan completes USD150-mln acquisition of US speciality chemical maker Jayhawk

New Delhi, Feb 27 (PTI) Speciality chemicals maker Anupam Rasayan India on Friday said it has completed the acquisition of US-based Jayhawk Fine Chemicals Corporation for around USD 150 million, as it looks to expand global footprint and move towards end-use markets.

Jayhawk, part of 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 said in a statement.

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 USD 223 billion in assets, while Axis Bank provided the remaining USD 21 million.

Jayhawk, which generates roughly 65 per cent of its revenue from performance materials, counts companies in the electronics, aerospace, energy and polymers sectors among its customers, with a majority of sales coming from US markets.

Anupam said Jayhawk would be fully consolidated into its financials, and the deal would be earnings per share accretive.

"This transaction marks a significant milestone in our long-term strategy of building a differentiated, innovation-led global speciality chemicals platform," Managing Director Anand Desai said.

Anupam said 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. PTI LUX HVA