Anupam Rasayan to acquire Jayhawk Fine Chemicals in $150 million deal

Anupam Rasayan India has agreed to acquire Jayhawk Fine Chemicals from the CABB Group for roughly $150 million, marking the company’s strongest push yet into the US specialty chemicals market. The purchase price includes equity and repayment of existing shareholder loans; after adjusting for about $16 million in cash on Jayhawk’s balance sheet, the transaction reflects an enterprise value of approximately $134 million. Jayhawk reported revenue of about $78 million and adjusted EBITDA of $15 million in 2024, implying an EV/EBITDA multiple near 9x.

The acquisition will be funded through internal accruals, debt, and quasi-equity from a global investment firm managing over $100 billion in assets. Anupam said the deal will be accretive to earnings per share.

The transaction is intended to accelerate Anupam Rasayan’s global contract development and manufacturing (CDMO) expansion, establishing its first onshore manufacturing base in the United States. Jayhawk, founded in 1941 and headquartered in Galena, Kansas, produces advanced intermediates and high-performance materials for applications in electronics, semiconductors, polymers, and industrial end markets. About 65% of its revenue is generated from performance materials, and most of its sales come from US customers.

By adding Jayhawk’s portfolio of dianhydrides, polyimide intermediates, and other specialty polymer inputs, Anupam aims to strengthen its position in high-performance materials used in semiconductors and engineered components. The company expects to leverage Jayhawk’s existing customer relationships and technical capabilities while cross-selling its own specialty products.

The deal also builds on Anupam’s recent efforts to deepen integration across its value chain. Its earlier acquisition of Tanfac Industries improved access to fluorination chemistry and secured key raw materials. Jayhawk’s portfolio, which includes several N-1 intermediates for critical sectors, brings the company closer to end-use applications in aviation, semiconductors, and electronics.

Management said the combined operations will create a dual-site model that pairs Jayhawk’s US manufacturing presence with Anupam’s cost-efficient, backward-integrated facilities in Gujarat. The companies expect this setup to offer customers localized production options, shorter development cycles, and expanded R&D resources through Jayhawk’s analytical labs and pilot facilities.

Anupam Rasayan operates six sites in India with a combined installed capacity of about 30,000 metric tons and serves more than 70 domestic and international customers, including 31 multinationals. The company said the Jayhawk acquisition will deepen its technological capabilities, increase its access to global end-markets, and support its ambition to become a more competitive integrated player in specialty chemicals worldwide.