industry insights: q2 2020...

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ContentsIndustry Overview………...…….….……………Transaction Activity……………………………Transaction Multiples……………………….....Public Company Comparable Analysis………Active Buyers…...…………………….…........Precedent Transactions Analysis…………….

145 6 7 8

COVID-19 has emphasized the importance ofdiversifying revenue streams to safeguard againstfuture potential economic or geopolitical disruptions.

During the second quarter of 2020, there were 31M&A transactions within the chemicals industry thatclosed, down 28% compared to the first quarter of2020 (43). Commodity chemicals led in terms oftransaction volume (21), transacting at an averageEV/EBITDA multiple of 12.1x. Looking at the LTMperformance of the chemicals industry relative to theS&P 500, each sector underperformed the S&P 500which returned 4.6%, with commodity chemicals hitthe hardest, down 21%.

The ongoing COVID-19 pandemic has significantlyimpacted the global supply and demand forchemicals. Supply was already outpacing demandpre-COVID (initially projected to grow 4% in 2020),with oversupply expected to be exacerbated byglobal economic contraction (~3% in 2020), with U.S.chemical shipments expected to fall 10.0% in 2020before rising 7.8% in 2021. Chemical demand fromimpacted end markets, such as automotive, is downby almost 30% due to factory closures, with sectorssuch as construction stock piling supplies to preventfuture shortages, with the impact expected to bedelayed until Q3 - Q4.

In addition to the COVID-19 pandemic, a sudden andsharp 64% collapse in oil prices is reshaping thechemicals industry, shifting regional feedstock costadvantages. Asia is set to extend its leading positionin chemicals as it comes out of the crisis first andbenefits from low oil prices. China is also the largestexporter of chemical ingredients used in antibioticsand other drugs, with the backlog in production anddelivery during the pandemic causing manycompanies to rethink their supply chain and theimpact when everything is “just-in-time.”

The market witnessed four multi-billion-dollartransactions in the second quarter of 2020: theacquisition of Saudi Arabian Oil Company(SASE:2222) by Saudi Basic Industries Corporation(SASE:2010) for $94.2 billion; the acquisition ofHitachi Chemical Company, Ltd. by Showa DenkoK.K. (TSE:4004) for $8.9 billion; the acquisition ofChampionX Holding Inc. by Apergy Corporation(nka:ChampionX Corporation (NYSE:CHX)) for $3.9billion; and the acquisition of Kissner Group HoldingsLP by Stone Canyon Industries Holdings Inc. for $2.0billion. Additionally, a few notable transactions wereannounced: the acquisition of the PetrochemicalsBusiness of BP p.l.c. by INEOS Styrolution GroupGmbH for $5 billion; the acquisition of TiZir Titanium& Iron AS by Tronox Holdings plc (NYSE:TROX) for$300 million; and the acquisition of Gelest, Inc. byMitsubishi Chemical Holdings America, Inc. for anundisclosed amount.

M&A activity slowly started to recover at the end ofQ2, with transaction volume expected to pick up inQ3 - Q4 as the transactions shelved during the firsthalf of the year return to market. The latter coupledwith lower asset valuations and a pressing need forcost cutting, consolidation and diversification hascreated a lot of potential for the second half of 2020.While some are taking advantage of short-term creditlines and temporarily putting planned acquisitions onhold, others are looking for opportunities for industryconsolidation, reconfiguration and value creation.Well-positioned strategic buyers are increasinglytempted by attractive company valuations to go on ashopping spree while financial buyers, especiallythose with newly launched funds, continue to beunder the gun to invest. Both strategic and financialbuyers will continue to leverage M&A for resilienceand growth for the remainder of 2020, includingdivestitures, while placing additional strategic bets ingrowth markets and sectors beyond distressed plays.

Industry Insights: Q2 2020Chemicals

1 Source(s): ICIS, International Monetary Fund (IMF), Pitchbook, S&P Capital IQ, Pitchbook, ICIS, McKinsey, BCG2 Number of closed transactions only include transactions with disclosed transaction values.

Number of Closed Transactions1,2 Total Transaction Value ($bn)1 Transaction EV/EBITDA Multiples1

Industry OverviewQuarterly Performance

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Industry Performance

1 Source(s): S&P Capital IQ, Pitchbook3 PEG = industry P/E ratio divided by the industry LT Growth (%) estimate.

Stock Price PerformanceLTM Relative Stock Performance1

PEG RatioLTM PEG Ratio1,3

2



Industry Multiples

1 Source(s): S&P Capital IQ, Pitchbook

EV/EBITDALTM EV/EBITDA Multiples1

EV/RevenueLTM EV/Revenue Multiples1

3



Transaction Activity

1 Source(s): S&P Capital IQ, Pitchbook2 Number of closed transactions only include transactions with disclosed transaction values.

Transaction VolumeNumber of Closed Transactions1,2

Transaction Activity by Geographic RegionNumber of Closed Transaction by Geographic Region1

The Dow Chemical Company (NYSE:DOW) completed the

acquisition of E.I. du Pont de Nemours and Company (NYSE:DD).

Bayer AG (DB:BAYN) completed the acquisition of Monsanto

Company (NYSE:MON).

4

Saudi Arabian Oil Company (SASE:2222) completed the

acquisition of Saudi Basic Industries Corporation (SASE:2010).



Transaction Multiples


Transaction EV/EBITDA MultiplesTransaction EV/EBITDA Multiples1

Transaction EV/Revenue MultiplesTransaction EV/Revenue Multiples1

12.9

x

13.3

x

15.5

x

11.3

x

7.6x

7.2x

8.7x

8.7x

8.2x

15.8

x

11.2

x

11.5

x

6.8x

11.0

x

9.0x

6.4x

6.4x

7.3x

11.4

x

9.3x

8.6x

14.5

x

11.8

x

12.1

x

10.1

x

11.5

x

9.1x

10.0

x

10.4

x

10.2

x

10.3

x

9.3x

10.5

x

9.1x

9.1x 9.

6x

12.6

x 13.1

x

13.1

x

18.1

x

13.5

x

7.4x

11.3

x

13.7

x

7.8x

12.5

x

11.5

x

11.8

x

12.2

x

10.7

x

9.2x

9.1x

9.9x

8.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2018 2019 2020

Agricultural Chemicals Chemical Distribution Commodity Chemicals Diversified Chemicals Specialty Chemicals Average

2.9x

3.3x

3.6x

4.0x

1.3x

1.2x

0.9x

1.1x

1.1x

0.5x

1.5x

1.0x

4.4x

1.0x

2.2x

0.7x

0.7x

0.5x

1.6x

2.1x

1.8x

3.7x

1.4x

2.6x

1.4x

1.3x

1.9x

1.7x 1.

7x

1.7x 1.7x

1.7x

1.7x

2.1x

2.1x

2.0x

2.4x

3.3x

1.5x

3.6x

3.1x

1.2x

1.8x

1.8x

0.9x

1.8x

2.4x

1.9x

3.5x

1.7x 1.8x

1.4x

1.4x

1.2x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2018 2019 2020

Agricultural Chemicals Chemical Distribution Commodity Chemicals Diversified Chemicals Specialty Chemicals Average

5



Public Company Comparable Analysis

1 Source(s): S&P Capital IQ, Pitchbook4 Market Capitalization as of 06/30/205 Adj. mean excludes high and low values.

Agricultural ChemicalsPublic Company Comparable Analysis – Agricultural Chemicals ($mm)1

Chemical DistributionPublic Company Comparable Analysis – Chemical Distribution ($mm)1

Commodity ChemicalsPublic Company Comparable Analysis – Commodity Chemicals ($mm)1

Diversified ChemicalsPublic Company Comparable Analysis – Diversified Chemicals ($mm)1

Specialty ChemicalsPublic Company Comparable Analysis – Specialty Chemicals ($mm)1

6

CompanyMarket

Capitalization4Enterprise

Value LTM REVENUE LTM EBITDA NTM EBITDA LTMEV/EBITDA

NTMEV/EBITDA

American Vanguard Corporation (NYSE:AVD) $415 $589 $464 $44 $52 13.3x 11.2xCF Industries Holdings, Inc. (NYSE:CF) 6,016 12,687 4,560 1,826 1,408 6.9x 9.0xCorteva, Inc. (NYSE:CTVA) 20,049 20,940 14,406 2,344 2,121 8.9x 9.9xFMC Corporation (NYSE:FMC) 12,896 16,458 4,668 1,234 1,299 13.3x 12.7xSociedad Química y Minera de Chile S.A. (NYSE:SQM) 6,862 7,763 1,831 595 776 13.0x 10.0xThe Mosaic Company (NYSE:MOS) 4,742 9,607 8,805 1,107 1,288 8.7x 7.5xSummary Statistics

Mean $8,496 $11,341 $5,789 $1,192 $1,157 10.7x 10.0xAdj. Mean5 7,629 11,629 4,966 1,191 1,193 11.0x 10.0x

Median 6,439 11,147 4,614 1,170 1,294 11.0x 9.9x

CompanyMarket



NTMEV/EBITDA

Brenntag AG (XTRA:BNR) $7,226 $9,253 $12,846 $890 $946 10.4x 9.8xIMCD N.V. (ENXTAM:IMCD) 4,391 5,127 2,705 223 250 22.9x 20.5xITOCHU Corporation (TSE:8001) 3,459,679 7,695,325 10,982,968 822,062 811,602 9.4x 9.5xMitsubishi Corporation (TSE:8058) 3,110,932 9,887,882 14,779,734 544,802 601,614 18.1x 16.4xSumitomo Corporation (TSE:8053) 1,542,239 4,649,389 5,299,814 300,627 340,972 15.5x 13.6xUnivar Solutions Inc. (NYSE:UNVR) 2,848 5,573 9,338 615 606 9.1x 9.2xSummary Statistics

Mean $1,354,553 $3,708,758 $5,181,234 $278,203 $292,665 14.2x 13.2xAdj. Mean5 1,166,197 3,089,885 4,076,241 211,733 236,034 13.3x 12.3x

Median 774,733 2,329,321 2,656,330 150,758 170,959 12.9x 11.7x

CompanyMarket



NTMEV/EBITDA

Braskem S.A. (BOVESPA:BRKM5) $19,041 $63,079 $51,970 ($729) $7,674 NM 8.2xDow Inc. (NYSE:DOW) 30,192 47,124 41,752 6,513 4,814 7.2x 9.8xLyondellBasell Industries N.V. (NYSE:LYB) 21,931 35,857 33,443 4,792 3,666 7.5x 9.8xOrbia Advance Corporation, S.A.B. de C.V. (BMV:ORBIA *) 68,782 174,702 6,848 1,332 1,211 131.2x 144.3xOlin Corporation (NYSE:OLN) 1,814 5,482 5,982 713 660 7.7x 8.3xWestlake Chemical Corporation (NYSE:WLK) 6,850 10,728 8,025 1,350 1,037 7.9x 10.3xSummary Statistics


Median 20,486 41,491 20,734 1,341 2,438 7.7x 9.8x

CompanyMarket



NTMEV/EBITDA

Arkema S.A. (ENXTPA:AKE) $6,506 $8,040 $8,611 $1,270 $1,219 6.3x 6.6xBASF SE (XTRA:BAS) 45,814 65,456 60,473 6,784 7,345 9.6x 8.9xEastman Chemical Company (NYSE:EMN) 9,460 15,319 9,134 1,880 1,685 8.1x 9.1xHuntsman Corporation (NYSE:HUN) 3,963 5,102 6,721 663 460 7.7x 11.1xSolvay SA (ENXTBR:SOLB) 7,369 10,364 11,055 2,101 1,894 4.9x 5.5xThe Chemours Company (NYSE:CC) 2,521 6,146 5,455 366 816 16.8x 7.5xSummary Statistics


Median 6,937 9,202 8,873 1,575 1,452 7.9x 8.2x

CompanyMarket



NTMEV/EBITDA

Akzo Nobel N.V. (ENXTAM:AKZA) $15,217 $16,928 $9,149 $1,195 $1,321 14.2x 12.8xClariant AG (SWX:CLN) 6,129 7,647 4,399 454 646 16.8x 11.8xDuPont de Nemours, Inc. (NYSE:DD) 38,987 55,935 21,319 4,380 4,567 12.8x 12.2xFerro Corporation (NYSE:FOE) 982 1,799 1,007 139 145 13.0x 12.4xH.B. Fuller Company (NYSE:FUL) 2,300 4,228 2,786 371 425 11.4x 9.9xRPM International Inc. (NYSE:RPM) 9,720 12,372 5,649 728 745 17.0x 16.6xSummary Statistics

Mean $12,222 $16,485 $7,385 $1,211 $1,308 14.2x 12.7xAdj. Mean5 8,341 10,294 5,496 687 784 14.2x 12.3x

Median 7,924 10,010 5,024 591 695 13.6x 12.3x



Active Industry Buyers


Strategic BuyersActive Strategic Buyers - Chemicals1

Financial BuyersActive Financial Buyers - Chemicals1

Acquiring Company Announced Closed TargetMar-20 Mar-20 Abrasive Products & Equipment, LLCFeb-19 Feb-20 Global Plastics LPJan-20 Jan-20 Deltech Resin (Remainder of Select Portfolio of Alkyd Resins)Oct-19 Oct-19 Deltech Resin (Select Portfolio of Alkyd Resins)Apr-18 Apr-18 Royce International, LLCNov-17 Nov-17 Ranbar Electrical MaterialsDec-15 Dec-15 InChem Corporation (Phenoxy Resins Business)Dec-15 Dec-15 BASF Corporation (Versamid Product Line)Jan-20 Jan-20 LifeLast Inc.Jan-20 Jan-20 Highland International, Inc.Jan-20 Jan-20 Flame Control Coatings, LLCJan-20 Jan-20 US Coatings, Inc.Nov-19 Dec-19 Heidelberger Druckmaschinen Aktiengesellschaft (Hi-Tech Coatings Division)Sep-19 Sep-19 IdeaPaintFeb-19 Feb-19 TPR2 (Fireshell, Heat Shedder, FireSafe and Structure Saver Brands)Jan-16 Feb-16 3M (Pressurized Polyurethane Foam Adhesives Business)Nov-19 Nov-19 Polymer Solutions Group (Polymer Additives Division)Sep-17 Oct-17 Vantage Specialty ChemicalsMar-17 Mar-17 DuBois ChemicalsDec-16 Jan-17 OMG Borchers GmbHJun-19 Nov-19 Covestro AG (European Polyurethane Systems Business)Sep-18 Sep-18 RecochemAug-19 Oct-19 GEON Performance SolutionsDec-17 Mar-18 Perimeter SolutionsJun-17 Jun-17 Foremark Performance ChemicalsJun-17 Jun-17 Tri-Tex co inc.Aug-19 Aug-19 Epoxies, Etc.Jul-19 Jul-19 PolyCom Industries / Eco DispersionsSep-18 Sep-18 W.F. Taylor, LLCSep-18 May-18 Evans Adhesive Corporation, Ltd.

SK Capital Partners

Meridian Adhesives Group(Arsenal Capital Partners)

Marco Group International, Inc.(The CapStreet Group, LLC )

Gabriel Performance Products(Audax Management Company)

Seal for Life Industries(Arsenal Capital Partners)

Innovative Chemical Products Group(Audax Management Company)

The Jordan Company

H.I.G. Capital

Acquiring Company Announced Closed TargetFeb-20 Mar-20 Alpha Coating Technologies LLCJan-20 Feb-20 INDUSTRIA CHIMICA REGGIANA - I.C.R. S.p.ANov-19 Oct-19 Texstars, LLCJul-19 Jul-19 Dexmet CorporationJan-20 Mar-20 c-m-p gmbhFeb-20 Mar-20 Manufacturing Facilities And Other Assets Of Minger Plastic AGDec-19 Pending Mauvilac Industries LtdMar-20 Mar-20 Akzo Nobel Boya Sanayi Ve Ticaret Anonim SirketiJul-19 Nov-19 Mapaero SASDec-18 Dec-18 Akzo Nobel Swire Paints Ltd.Mar-20 Pending Innovativehealth GROUP,S.L.Nov-18 Feb-20 PeroxyChem LLCJan-20 Feb-20 Wilshire Technologies Inc.Sep-19 Sep-19 Interface Biologics, Inc. (Surface Modification Business)Feb-20 Feb-20 Robertet SANov-19 Feb-20 Ungerer & Company, Inc.Aug-19 Aug-19 Givaudan SAMay-19 Sep-19 Golden Frog flavor & fragranceSep-17 Jan-20 Solvay SA(Polyamide Business)Sep-19 Sep-19 UBench International NV/CarRoll/DLightNov-19 Pending DCS Pharma AGJan-20 Jan-20 ZIFRONI Chemical Suppliers Ltd.Nov-19 Dec-19 Whawon Pharm Co.,LtdNov-19 Nov-19 Unired Químicas S.A.S.Dec-19 Dec-19 Shandong Luxin Mount Tai Co.Nov-17 Nov-17 Micron-Ita Indústria e Comércio de Minerais Ltda.Dec-19 Dec-19 Corteva (Select Herbicide Brands)Jan-19 Jan-19 DowDuPont Inc. (Quizalofop Product Line)

Evonik Industries AG

Givaudan SA

BASF SE

IMCD N.V.

Imerys S.A.

American Vanguard Corporation

PPG Industries, Inc.

Mitsubishi Chemical Advanced Materials AG

Akzo Nobel N.V.

7



8

Precedent Transactions Analysis


Transaction ActivityRecently Closed Transaction - Chemicals1

Date Closed Target Target Description Acquiring Company Transaction

ValueLTM

EV/RevenueLTM

EV/EBITDA

Announced Borealis AG Produces and distributes polyolefins and base chemicals worldwide.

OMV Refining & Marketing GmbH $2,340 1.1x 6.5x

Announced Milacron LLC(Cimcool Business)

The Business comprises metalworking fluids assets in the United States.

DuBois Chemicals, Inc. 250 N/A N/A

Announced CVC Thermoset Specialties, Inc. Manufactures and sells specialty epoxy resins.

Huntsman Corporation 300 2.6x 10.0x

Announced Qatar Fertiliser Company (S.A.Q.) Produces, sells, and exports fertilizers. Qatar Petroleum 1,000 N/A N/A

Announced Ellison Surface Technologies, Inc Manufactures thermal spray coating and performance coating solutions.

Bodycote plc 200 4.0x N/A

Mar-20 Japan U-Pica Company,Ltd. Manufactures and sells resins. Mitsubishi Gas Chemical Company, Inc.

27 0.3x 7.1x

Mar-20 Zhejiang Double Arrow Rubber Co., Ltd.

Manufactures and sells rubber conveyor belts in China and internationally.

Tongxiang Urban Construction Investment Co., Ltd.

23 1.9x 10.0x

Mar-20 Irplast S.p.A. Manufacturers simultaneous bi-oriented polypropylene film.

Cheyne Capital Management (UK) LLP

107 1.0x 11.6x

Mar-20 Innovia Poland Manufactures biaxially oriented and cast polypropylene films.

CCL Industries Inc. 17 0.3x 6.0x

Mar-20Jiangsu Jinma Oil Technology Development Co., Ltd.

Poduces fatty acids, polyamide resins, rectified oleic acids, stearic acids, dimer acids, and polyamide resins.

Zanyu Technology Group Co., Ltd. 15 0.7x N/A

Mar-20Minger Plastic AG(Manufacturing Facilities)

The Manufacturing Facilities provide engineering plastic recycling services in Swaziland.

Mitsubishi Chemical Advanced Materials AG N/A N/A N/A

Mar-20 c-m-p gmbh Manufactures customised prepregs and textiles made of carbon and other fibres.

Mitsubishi Chemical Advanced Materials AG

21 N/A N/A

Mar-20 Trion Chemicals Private Limited Manufactures specialty chemicals and dyes intermediates in India.

Bodal Chemicals Limited 1 0.9x N/A

Mar-20Trient Technologies, Inc./ Tekra Corporation

Provides conversion and contract manufacturing services and manufactures plastic films and adhesives.

DelStar Technologies, Inc. 155 1.6x N/A

Mar-20 National Flavors, Inc. Engages in processing and manufacturing flavoring materials.

The Riverside Company N/A N/A N/A

Mar-20Kraton Polymers LLC(Cariflex Business)

The Business comprises isoprene rubber latex manufacturing assets in the United States. Daelim USA Inc. 530 N/A 13.6x

Mar-20 Fuji Seal Packaging (Thailand) Co., Ltd.

Manufactures packaging material products. Fuji Seal International, Inc. 40 N/A N/A

Mar-20 SKCKOLONPI, Inc. Manufactures polyimide films and varnishes in South Korea.

Glenwood Private Equity 585 5.7x 22.0x

Mar-20 Akzo Nobel Boya Sanayi Ve Ticaret Anonim Sirketi

Manufactures powder coatings. Akzo Nobel N.V. N/A N/A N/A

Mar-20 Suzhou GreenPower New Energy Materials Co., Ltd.

Engages in processing films and manufacturing new energy materials.

Yunnan Energy New Material Co., Ltd.

254 4.2x N/A

Mar-20 Abrasive Products & Equipment, LLC

Distributes surface preparation, safety, and environmental management products.

Marco Group International, Inc. N/A N/A N/A

Mar-20 Alpha Coating Technologies LLC Manufactures powder coatings. PPG Industries, Inc. N/A N/A N/A

Mar-20 Bayshore Industrial, LLC Produces specialty compounds, concentrates, and additives.

Ingenia Polymers Corp. N/A N/A N/A

Feb-20CNNC Hua Yuan Titanium Dioxide Co., Ltd

Engages in the production and marketing of titanium dioxide powder in China and internationally.

N/A 233 1.9x 9.3x

Feb-20New Earth Development Corporation

Manufactures nano superconductors and carbon materials from cannabidiol (CBD) and tetrahydrocannabinol (THC) cultivar.

Stevia Nutra Corp 26 N/A N/A

Feb-20DS Smith Plc(Plastics Division)

The Division comprises flexible and rigid plastic, and foam product assets in the United Kingdom.

Liqui-Box Corporation 591 N/A 9.9x

Feb-20 Shandong Focuschem Biotech Co., Ltd.

Develops and manufactures sodium hyaluronate.

Lushang Health Industry Development Co.,Ltd.

37 3.7x N/A

Feb-20 Global Plastics LP Distributes thermoplastic resins and commodity plastics.

Marco Polo International, Inc. N/A N/A N/A

Feb-20 Icynene-Lapolla Manufactures and distributes spray polyurethane foam insulation products.

Huntsman Corporation 350 1.5x N/A

Feb-20 Ungerer & Company, Inc.Engages in the production and processing of essential oils, oleoresins, and aroma chemicals.

Givaudan SA N/A N/A N/A



9

Precedent Transactions Analysis (Cont.)

1 Source(s): S&P Capital IQ, Pitchbook5 Adj. mean excludes high and low values.

Transaction ActivityRecently Closed Transaction - Chemicals1

Date Closed Target Target Description Acquiring Company Transaction

ValueLTM

EV/RevenueLTM

EV/EBITDA

Feb-20 Taekwang Industrial Co., Ltd.Engages in the synthetic fiber, textile, petrochemical, and advanced material businesses.

Norges Bank 1 N/A N/A

Feb-20 Rolfes Holdings Limited Manufactures and distributes chemical products.

Phatisa Fund Managers L.L.C. 44 0.4x 7.0x

Feb-20 Wilshire Technologies Inc.Provides synthetic and natural products for kilo-lab, pilot, and commercial development requirements.

Evonik Industries AG N/A N/A N/A

Feb-20 Mekong Petrochemical Joint Stock Company

Manufactures and supplies lubricants and greases.

SK Lubricants Co., Ltd. 42 N/A N/A

Feb-20Celaya, Emparanza y Galdos Internacional S.A.(Magnanese Dioxide Business)

The Business comprises a magnanese dioxide production factory and an electric power generation unit located in Spain.

Compañía Minera Autlán, S.A.B. de C.V. 29 N/A N/A

Feb-20 Innophos Holdings, Inc. Produces specialty ingredients. Iris Parent LLC 1,034 1.3x 8.6x

Feb-20 American Pacific Corporation Manufactures specialty chemicals, primarily oxidizers.

AE Industrial Partners, LP N/A N/A N/A

Feb-20 Robertet SA Produces perfumes, aromas, and natural products worldwide.

Givaudan SA N/A N/A N/A

Feb-20 INDUSTRIA CHIMICA REGGIANA - I.C.R. S.p.A

Manufactures composites and coatings. PPG Industries, Inc. N/A N/A N/A

Feb-20 Itibanyl Special Products LTDA Develops biocidal ingredients. LANXESS Aktiengesellschaft N/A N/A N/A

Feb-20SKC Co., Ltd.(Chemical Business)

The Business comprises propylene oxide (PO) and propylene glycol (PG) manufacturing assets in South Korea.

Petrochemical Industries Company K.S.C. 456 N/A N/A

Feb-20 6th Wave Innovations Corp. Develops nanotechnologies for selective isolation and detection of target substances.

Sixth Wave Innovations Inc. 12 N/A N/A

Feb-20 PeroxyChem LLC Manufactures hydrogen peroxides and remediation technologies.

Evonik Industries AG 640 N/A N/A

Feb-20 Ritrama S.p.A.Manufactures, sells, and distributes commodity and specialty self-adhesive materials.

Fedrigoni S.p.A. 283 0.6x N/A

Jan-20Solvay SA(Performance Polyamides Business)

The Business comprises engineering plastics operations in France. DOMO Chemicals GmbH 557 N/A N/A

Jan-20 Solvay SA(Polyamide Business)

The Business comprises nylon plastics manufacturing assets in Belgium.

BASF SE 1,441 N/A N/A

Jan-20 Borchers Americas Inc. Manufactures additives. Milliken & Company, Inc. N/A N/A N/A

Jan-20 Solana d.d. Tuzla Produces and sells salt and salt based products.

AS d.o.o.; AS HOLDING d.o.o. 4 N/A N/A

Jan-20 ZIFRONI Chemical Suppliers Ltd. Distributes chemicals. IMCD N.V. N/A N/A N/A

Jan-20 Key Polymer CorporationManufactures custom formulated and toll manufactured adhesives, coatings, and other chemical compounds.

DalFort Capital, LLC N/A N/A N/A

Jan-20 Tianjin Bohai Petrochemical Co., Ltd.

Owns and operates a propylene plant. Tianjin Global Magnetic Card Co., Ltd.

333 N/A N/A

Jan-20 Fiber Materials Inc. Develops and manufactures high temperature materials and composites.

Spirit AeroSystems Holdings, Inc. 120 N/A N/A

Jan-20 Chrome International South Africa (Pty) Limited

Produces sodium dichromate and chromic acid.

Brother Enterprises Holding Co.,Ltd.

89 N/A N/A

Jan-20Deltech Resin Company(Remainder of Select Portfolio of Alkyd Resins)

The Select Portfolio of Alkyd Resins comprise alkyd resin product assets in the United States.

Gabriel Performance Products, LLC N/A N/A N/A

Jan-20 Flame Control Coatings, LLC Manufactures and supplies specialty coatings. Seal for Life Industries, LLC N/A N/A N/A

Jan-20 Highland International, Inc. Produces specialized coating systems. Seal for Life Industries, LLC N/A N/A N/A

Jan-20 LifeLast Inc. Formulates and manufactures polyurethane protective linings and coatings.

Seal for Life Industries, LLC N/A N/A N/A

Jan-20 Polyplastic Group B.V. Engages in the production and distribution of acrylic sheets.

LCI Industries B.V. 95 1.6x N/A

Jan-20 Shandong Qingyang New Material Co., Ltd.

Produces anhydride epoxy curing agents. Puyang Huicheng Electronic Material Co., Ltd.

10 0.7x N/A

Jan-20Huntsman International LLC(Integrated Oxides and Derivatives Business)

The Business comprises oxides and derivatives assets in the United States. Indorama Ventures Holdings LP 2,006 N/A 5.7x

Mean $357 1.8x 9.8xAdj. Mean5 315 1.7x 9.0x

Median 138 1.4x 9.3x

Summary Statistics



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Our practice is global, but the culture of our firmreflects our Midwestern roots in terms of values, workethic, and focus on developing long-termrelationships. Since inception, more than half of ourcompleted transactions were with repeat clients.

Acted as Financial Advisor to KMCO, LLC Acted as Financial Advisor to Cathay Industries Acted as Financial Advisor to Arsenal Capital Partners Acted as Financial Advisor to Particle Dynamics

Has sold its U.S. High Purity Division to

An Affiliated Portfolio Company of

Has been refinanced by

About Balmoral Advisors

Recent Transactions: Chemicals

Mergers & Acquisitions♦Negotiated acquisitions♦Auction participation♦Distressed and cross-border transactions♦Retained search

Sales & Divestitures♦Divestitures and corporate carve-outs♦§363 bankruptcy sales

Debt & Equity Placement♦Growth and acquisition capital♦Leveraged buyouts♦Financial restructuring♦Late-stage venture capital♦Recapitalizations

Balmoral specializes in helping clients sell theirbusinesses, source and complete acquisitions, andraise or refinance capital. We work with businessowners, corporations and financial investors worldwideat every stage, including emerging growth, mature,distressed and turnarounds.

Balmoral’s Services

Balmoral’s Senior TeamChris Cerimele

Managing Partner+1 (312) 371-3527 (m)

+1 (312) 766-9890 x237 (o)[email protected]

Brooks CrankshawManaging Director

+1 (312) 399-3627 (m)+1 (312) 766-9890 x335 (o)

[email protected]

Primary Industries Served

Chemicals& Materials

Food & Beverage

Industrials PackagingBuilding Products

Michael PalumboAnalyst

+1 (574) 612-3251 (m)+1 (312) 766-9890 x725 (o)

[email protected]

Lillie RossAnalyst

+1 (630) 744-9833 (m)+1 (312) 766-9890 x767 (o)

[email protected]

Jonathan GoldsteinAssociate

+1 (847) 814-4110 (m)+1 (312) 766-9890 x465 (o)[email protected]

Karen CroyleVice President


Stan KossSenior Advisor

+1 (312) 953-3666 (m)+1 (312) 766-9098 x567 (o)

[email protected]

Bob DekkerManaging Director


Business Services

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Has Sold its Manufacturing Facility and Related Assets in Crosby, TX in a Chapter 7 Bankruptcy

Sale to


http://balmoraladvisors.com/services/mergers-acquisitions/

http://balmoraladvisors.com/services/mergers-acquisitions/

http://balmoraladvisors.com/services/capital-rising/

http://balmoraladvisors.com/about-us/chris-cerimele/

mailto:[email protected]

http://balmoraladvisors.com/brooks-crankshaw/





http://balmoraladvisors.com/stephen-wrobel/

http://balmoraladvisors.com/stephen-wrobel/

http://balmoraladvisors.com/stan-koss/

http://balmoraladvisors.com/stan-koss/

http://balmoraladvisors.com/bob-dekker/

http://balmoraladvisors.com/bob-dekker/

http://balmoraladvisors.com/industries/building-products/

http://balmoraladvisors.com/industries/chemical-materials/

http://balmoraladvisors.com/industries/food-beverage/

http://balmoraladvisors.com/industries/industrial-manufacturing/

http://balmoraladvisors.com/industries/plastics-packaging/


Completed Transactions since 2015

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industry insights: q2 2020...

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