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December 18, 2020 02:56 PM

Huntsman buying additives maker Gabriel for $250M

Frank Esposito
Senior Staff Reporter
Plastics News Staff
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    Huntsman Corp. is acquiring additives maker Gabriel Performance Products in a $250 million deal.

    Gabriel is based in Akron, Ohio, and makes specialty additives and epoxy curing agents for coatings, adhesives, sealants and composites. Huntsman, based in The Woodlands, Texas, is acquiring Gabriel from Audax Private Equity of Boston and San Francisco.

    Huntsman will pay $250 million in cash for Gabriel, which posted sales of $106 million in 2019. The firm operates manufacturing plants in Ashtabula, Ohio; Harrison City, Pa.; and Rock Hill, S.C. Hunstman officials said in a news release that the purchase price represents an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) multiple of approximately 11 times. The transaction is expected to close in the first quarter of 2021.

    Huntsman Advanced Materials President Scott Wright said in the release that the acquisition "broadens the offering in our specialty portfolio" and is complementary to the firm's recent acquisition of CVC Thermoset Specialties

    "We expect that the Gabriel business will strengthen our North American footprint and provide significant commercial synergies as we expand and globalize their specialty products," Wright added.

    President and CEO Peter Huntsman said in the release that "with this acquisition, we conclude a series of strategic initiatives in our Advanced Materials division we started in 2019 before the COVID-19 pandemic."

    "Our initial intent was to complete the acquisitions of Gabriel and CVC simultaneously, together with the divestiture of our India DIY business earlier this year," he added. "Despite the challenges created by COVID, I am pleased that we have already closed on two of the transactions and intend to close on the acquisition of Gabriel within the first quarter of 2021."

    "We have significantly strengthened our Advanced Material's portfolio and broadened our offerings to the market."

    Huntsman employs 9,000 worldwide and posted sales of almost $7 billion in 2019. The firm is a leading producer of polyurethanes and other specialty plastics and chemicals.

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