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    CLN   CH0012142631

CLARIANT AG

(CLN)
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Heubach GmbH, SK Capital Partners and Clariant AG completed the acquisition of Pigments Business of Clariant AG from Clariant AG.

01/03/2022 EDT

Heubach GmbH, SK Capital Partners and Clariant AG (SWX:CLN) entered into definitive agreements to acquire Pigments business from Clariant AG (SWX:CLN) for an enterprise value of approximately CHF 860 million on June 14, 2021. Enterprise Value of Pigments business will range from CHF 805 million to CHF 855 million, depending on an earn-out payment of CHF 50 million contingent on the 2021 financial performance of Clariant’s Pigments business. Committed financing for the transaction was provided by BofA Securities and Citi. The combined business will operate under the Heubach name. Enterprise value representing a 10.7x to 11.4x stand-alone adjusted EBITDA multiple per April 2021 (LTM) depending on an earn-out payment. At the time of closing of the transaction, Clariant will reinvest to become a 20% shareholder alongside Heubach and SK Capital in the ultimate holding company. Pigments Business of Clariant reported EBITDA of CHF 75 million for twelve months ending April 2021. The transaction is subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the first half of 2022. The Valence Group of Piper Sandler & Co., BofA Securities, Inc. and Citigroup Inc. (NYSE:C) acted as financial advisors to Heubach and SK Capital. Tino Gaberthüel, Stephan Erni, Beat Kühni, Marcel Tranchet, Astrid Waser and Peter Ling of Lenz & Staehelin AG acted as legal advisor to Heubach and SK Capital and David Holdsworth, Rachel Greenhalgh, Kirsteen Nicol, Shane Cranley, Timothy Lowe and Cian O'Connor, Thomas S. Wilson, John S. Kefer, Thomas James Dobleman, Jocelyn A. Hirsch, Attila Oldag, Christoph Jerger and Daniel Hiemer of Kirkland & Ellis LLP acted as legal advisors to Heubach and SK Capital. Michael Bernhardt, Andrea Eggenstein, Alexander Rinne, Matthias Schell LL.M. of Milbank LLP acted as legal advisor to Heubach. Frank Gerhard, Daniel Hasler, Marcel Dietrich, Richard Stäuber, Andreas Burger, Reto Heuberger, Gregor Bühler and Jürg Frick of Homburger AG acted as legal advisor and Deutsche Bank Aktiengesellschaft (XTRA:DBK) acted as financial advisor to Clariant. Srinath Dasari from AZB & Partners served as a legal advisor for Heubach GmbH and SK Capital Partners. Alexandre Morel of CMS Francis Lefebvre Avocats and Luis Felipe Arze of CMS Carey & Allende served as a legal advisors for SK Capital Partners. KPMG Corporate Finance LLC acted as financial advisor to Heubach GmbH. Heubach GmbH, SK Capital Partners and Clariant AG (SWX:CLN) completed the acquisition of Pigments Business of Clariant AG from Clariant AG (SWX:CLN) on January 3, 2022.


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Financials
Sales 2021 4 332 M 4 315 M 4 315 M
Net income 2021 285 M 283 M 283 M
Net Debt 2021 1 241 M 1 236 M 1 236 M
P/E ratio 2021 20,8x
Yield 2021 2,35%
Capitalization 5 698 M 5 676 M 5 676 M
EV / Sales 2021 1,60x
EV / Sales 2022 1,36x
Nbr of Employees 13 057
Free-Float 64,3%
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 17,29 CHF
Average target price 20,39 CHF
Spread / Average Target 17,9%
EPS Revisions
Managers and Directors
Conrad Keijzer Chief Executive Officer
Stephan Lynen Chief Financial Officer & Executive Vice President
GŘnter von Au Chairman
Richard Haldimann Chief Technology & Sustainability Officer
Hans Bohnen Chief Operating Officer & Executive Vice President
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