Anupam Rasayan India Ltd announced the signing of a definitive agreement to acquire 100 per cent equity of Jayhawk Fine Chemicals Corporation (“Jayhawk”), part of the CABB Group, a US-based speciality chemical company, for a purchase consideration of approximately $150 million. The consideration includes payment for Jayhawk’s equity value and existing loans payable to the exiting shareholders. With around $16 million in cash and cash-like items as of June 2025, the purchase consideration reflects an enterprise value of about $134 million. Jayhawk reported revenues and adjusted EBITDA of roughly $78 million and $ 15 million respectively in CY24, translating to an EV/EBITDA multiple of around 9x.

The acquisition will be financed through internal accruals, debt, and quasi equity from a leading global investment management firm with an AUM exceeding $100 billion. The transaction is expected to be EPS accretive for Anupam.

Strategic rationale and synergies

This acquisition marks a significant step in Anupam Rasayan’s long-term strategy to expand its global CDMO presence and strengthen its position in the US and global speciality chemicals markets.

Strengthening US presence: The transaction establishes Anupam’s onshore manufacturing presence in the United States. Jayhawk’s operations and customer base provide immediate access to key end-markets and major multinational customers, enhancing Anupam’s global reach and visibility.

Expansion in performance materials: The acquisition expands Anupam’s polymer portfolio with high value dianhydrides and polyimide intermediates used in semiconductors and high-performance materials, reinforcing its position as an integrated player in this fast-growing segment.

Forward integration and customer synergies: Following the acquisition of Tanfac, which strengthened backward integration in fluorination chemistry, Jayhawk advances Anupam further along the value chain into N-1 molecules for critical sectors. The combined product portfolio and Anupam’s process expertise enable forward integration across key molecules and unlock new downstream opportunities. The acquisition also broadens access to new global customers and supports stronger relationships with existing ones through cross-selling and integrated solutions.

Cost efficiency and integrated supply chain offering: The combination of Jayhawk’s advanced operations and Anupam’s cost-efficient, backward-integrated manufacturing in India creates a dual-site supply model, offering global customers the flexibility of localised production in the US.

Innovation and R&D synergies: Jayhawk’s R&D and analytical capabilities, paired with Anupam’s process chemistry and scale-up strength, will support accelerated innovation, reduced development timelines, and enhanced value delivery for global customers.

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.”

Tobias Schalow, CEO, CABB Group, said “This transaction marks a strategic step for our company, and we have made this decision with the utmost confidence and trust in the new owner. We have developed a scalable growth platform in Pharma and Life Science specialties, which we will further develop and expand, and shift away from industrial applications, electronics and semiconductors with this transaction. We are certain that Anupam Rasayan is perfectly positioned for long-term growth with the Jayhawk team, and we wish them success as they embark on this new chapter. On behalf of the CABB Group, I would like to express my deepest gratitude to the dedicated and highly skilled team at Jayhawk. Their commitment over the past years has been a cornerstone of our success.”