Huntsman completes Gabriel Performance acquisition

Huntsman paid $250 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.

Huntsman Corporation has announced it completed the 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 US $106 million with three manufacturing facilities located in Ashtabula in Ohio, Harrison City in Pennsylvania and Rock Hill in South Carolina. 

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.

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately $7 billion. The company operates more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employs approximately 9,000 associates within its four distinct business divisions.