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.