Huntsman Corp. has completed its previously announced 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, Pa.; and Rock Hill, S.C. Based on calendar year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 11 times, or approximately eight times pro forma for synergies.
For more information, visit www.huntsman.com and www.gabrielchem.com.
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