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Huntsman Finalizes Acquisition of Gabriel Performance Products

Gabriel acquired for $250 million.

By: Coatings World staff

Huntsman Corp. 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 $106 million with three manufacturing facilities located in Ashtabula, Ohio, Harrison City, Pennsylvania and Rock Hill, 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. 

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