Anupam Rasayan India Ltd. (NSE: ANURAS, BSE: 543275), a leading custom synthesis manufacturer of specialty chemicals, today announced the signing of a definitive agreement to acquire 100% equity stake in Jayhawk Fine Chemicals Corporation (“Jayhawk”) (part of the CABB group), a U.S. based specialty chemical company, for a purchase consideration of ~$150 million. The purchase consideration accounts for payment against the equity value of Jayhawk and existing loans payable to the exiting shareholders. Considering ~$16 million of cash and cash-like items for Jayhawk as of June-25, the purchase consideration translates to an enterprise value of ~$134 million. Jayhawk clocked revenues and adjusted EBITDA of ~$78 million and ~$15 million respectively in CY24, translating to a EV to 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 an AUM in excess of $100 billion. This acquisition shall be EPS accretive for Anupam.
Strategic Rationale and Synergies:
This acquisition represents a transformative step in Anupam Rasayan’s long-term strategy to expand its global CDMO presence and establish a strong foothold in the U.S. & global specialty chemicals market.
- Strengthening U.S. Presence: This acquisition marks Anupam’s entry into onshore manufacturing in the United States, aligning perfectly with the Company’s global expansion strategy. Jayhawk’s established U.S. operations and customer base provides Anupam an immediate access to key end-markets and leading multinational customers, significantly enhancing its global reach and visibility.
- Expansion in Performance Materials: The transaction is a major leap in Anupam’s polymer portfolio expansion, adding high-value dianhydrides and polyimide intermediates to its offering. These products have critical applications across semiconductors and high-performance materials, positioning Anupam as a well-positioned integrated player in this fast-growing segment.
- Forward Integration and Customer Synergies: Over the past few years, Anupam has systematically strengthened the value chain — starting with acquisition of Tanfac, which secured raw material sourcing and ensured backward integration, particularly in fluorination chemistry. Now, with Jayhawk, Anupam moves forward in the value chain, closer to the end applications, manufacturing key N-1 molecules for critical sectors. The combination of Jayhawk’s advanced product portfolio and Anupam’s deep process expertise allows for forward integration across key molecules, enabling new downstream opportunities. This acquisition also opens doors to a new set of global customers while strengthening relationships with existing ones through cross-selling and integrated solutions.
- Cost Efficiency and Integrated Supply Chain Offering: The synergy between Jayhawk’s technologically advanced operations and Anupam’s cost-efficient, backward-integrated manufacturing base in India creates a powerful dual-site model. This will provide global customers with the flexibility of localized production in the U.S.
- Innovation and R&D Synergies: Jayhawk’s state-of-the-art R&D and analytical facilities, combined with Anupam’s strong process chemistry and scale-up capabilities, will accelerate joint innovation, shorten development timelines and enhance value delivery for global customers.
On the acquisition, Anand Desai, Managing Director, Anupam Rasayan India Ltd., said, “This acquisition is a transformative step in Anupam’s global journey. Jayhawk brings to us 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 key sectors such as aviation, semiconductors and electronics. Now, with Jayhawk, we move forward in the value chain, closer to the end applications, manufacturing key N-1 molecules for these critical sectors. The addition of Jayhawk’s U.S. operations significantly strengthens our global footprint and positions us closer to strategic customers in developed markets.”
