New Delhi: Anupam Rasayan India Ltd. (NSE: ANURAS, BSE: 543275), a leading custom synthesis manufacturer of specialty chemicals, has announced the signing of a definitive agreement to acquire 100% equity stake in Jayhawk Fine Chemicals Corporation (“Jayhawk”), part of the CABB Group, for a purchase consideration of approximately $150 million. The deal includes payment against Jayhawk’s equity value and existing loans payable to exiting shareholders. With ~$16 million in cash and cash-like items as of June 2025, the transaction translates to an enterprise value of ~$134 million.
Jayhawk reported revenues of ~$78 million and adjusted EBITDA of ~$15 million in CY24, implying an EV/EBITDA multiple of ~9x. The acquisition will be financed through a mix of internal accruals, debt, and quasi equity from a leading global investment management firm with assets under management exceeding $100 billion. The transaction is expected to be EPS accretive for Anupam Rasayan.
Strategic Rationale And Synergies
- Strengthening U.S. Presence: Marks Anupam’s entry into onshore manufacturing in the United States, providing immediate access to multinational customers and key end-markets.
- Expansion In Performance Materials: Adds high-value dianhydrides and polyimide intermediates to Anupam’s portfolio, critical for semiconductors and high-performance materials.
- Forward Integration: Builds on Anupam’s earlier acquisition of Tanfac, moving further along the value chain to manufacture key N-1 molecules for aviation, semiconductors, and electronics.
- Cost Efficiency: Creates a dual-site model combining Jayhawk’s advanced U.S. operations with Anupam’s cost-efficient, backward-integrated base in India.
- Innovation Synergies: Leverages Jayhawk’s R&D facilities with Anupam’s process chemistry expertise to accelerate innovation and shorten development timelines.
Anand Desai, Managing Director of Anupam Rasayan India Ltd., said, “This acquisition is a transformative step in Anupam’s global journey. Jayhawk brings a legacy of innovation, deep customer relationships, and a strong technology platform in high-value chemistries. Together, we will leverage our complementary strengths to accelerate growth, enhance our global presence, and deliver greater value to customers across aviation, semiconductors, and electronics.”
Tobias Schalow, CEO of CABB Group, added, “This transaction marks a strategic step for our company. We are confident in Anupam Rasayan’s long-term growth with the Jayhawk team. On behalf of the CABB Group, I extend gratitude to Jayhawk’s dedicated team whose commitment has been a cornerstone of our success.”
