March 1, 2013
Analysis of 2012 Valuation Multiples of
Specialty Chemical and Commodity Chemical Transactions
Enclosed is Scott-Macon’s annual update of valuation multiples for specialty chemical and
commodity chemical transactions. As shown in the enclosed chart, the median multiple of total
enterprise value (“TEV”) to latest twelve months EBITDA (“EBITDA multiple”) for specialty
chemical transactions closed in 2012 was 10.4x compared to 10.7x, 9.5x and 7.3x for specialty
chemical transactions which closed in 2011, 2010 and 2009, respectively. The 10.4x EBITDA
multiple was only slightly less than the peak 10.7x EBITDA multiple of 2011 and was 8% higher
than the median annual multiple for the five year period 2007 – 2011 of 9.6x. The median
multiple of TEV to latest twelve months sales (“sales multiple”) for specialty chemical
transactions which closed in 2012 of 1.3x was the same as the sales multiple for specialty
chemical transactions which closed in 2011 and was 18% higher than the median annual sales
multiple for the five-year period 2007 – 2011 of 1.1x. The median EBITDA and sales multiples
for commodity chemical transactions which closed in 2012 were 8.6x and 0.8x, respectively,
compared to 6.5x and 1.0x, respectively, for commodity chemical transactions which closed in
2011. The overall takeaway from the analysis is that valuation multiples in 2012 remained close
to the record levels of 2011.
The median EBITDA multiple in 2012 was 11.2x for specialty chemical transactions closed with
TEV’s above $1 billion compared to 10.0x for transactions with TEV’s below $1 billion. The
median sales multiple in 2012 was 2.3x for specialty chemical transactions which closed with
TEV’s above $1 billion compared to 1.1x for TEV’s below $1 billion.
The TEV of all specialty chemical transactions which closed in 2012 for which information has
been disclosed and for which at least one valuation multiple can be calculated was $23.6 billion,
representing 34 transactions. The 2012 figures compare to $62.4 billion representing 50
transactions which closed in 2011. Total TEV and number of transactions closed for specialty
chemical transactions were records in 2011. The median annual TEV of specialty chemical
transactions for which at least one valuation multiple can be calculated which closed in the tenyear period 2002 – 2011 was $31.1 billion, and the median annual number of closed transactions
in the same period was 34. The TEV of all commodity chemical transactions which closed in
2012 was $5.2 billion, representing 17 transactions. Strategic buyers accounted for 80% of the
number of specialty chemical transactions and for 89% of the number of commodity chemical
transactions closed in 2012.
SM4Q12-ChemTrans-p3:Layout 1
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7:58 PM
Page 1
COMPARISON OF MEDIAN CHEMICAL TRANSACTION
MULTIPLES 2010–2012
EBITDA
Sales
Specialty Chemicals
All Closed Transactions
Over $1 Billion
Under $1 Billion
Commodity Chemicals
All Closed Transactions
Over $1 Billion
Under $1 Billion
2010
2011
2012
2010
2011
2012
0.8x
1.3x
1.3x
9.5x
10.7x
10.4x
1.2x
0.8x
1.6x
1.2x
2.3x
1.1x
10.4x 10.9x
9.3x 10.4x
11.2x
10.0x
0.7x
1.0x
0.8x
6.1x
6.5x
8.6x
0.8x
0.5x
1.3x
0.7x
N/A
0.8x
11.8x 11.9x
5.6x
6.3x
N/A
8.6x
SCOTT-MACON, LTD.
800 Third Avenue, New York, NY 10022
(212) 755-8200
www.scott-macon.com
2012 SELECTED SPECIALTY CHEMICAL TRANSACTIONS
TARGET
TEV3
TEV2/
SALES
TEV2/
EBITDA
TEV2/
EBIT
NA
$5,153.0
1.2 x
7.8 x
NA
24.2%
$383.5
$4,640.8
2.2 x
9.1 x
12.1 x
$264.7
32.0%
$210.2
$3,232.6 4
3.9 x
12.2 x
15.4 x
$1,209.3
$154.1
12.7%
NA
$2,455.0 5
2.0 x
15.9 x
NA
Announced
$1,401.2
NA
NA
NA
$2,340.0
1.7 x
NA
NA
Announced
$1,400.0
$248.4
17.7%
NA
$2,260.0
1.6 x
9.1 x
NA
2/16/12
$932.8
$201.2
21.6%
$131.9
$2,108.1
2.3 x
10.5 x
16.0 x
Announced
$476.8
$103.9
21.8%
$74.4
$1,597.3 6
3.4 x
15.4 x
21.5 x
Schiff Nutrition International Inc. (vitamins and nutritional supplements)
12/4/12
$377.1
$66.0
17.5%
$57.8
$1,433.0
3.8 x
21.7 x
24.8 x
Molycorp, Inc.
Neo Material Technologies Inc. (ND-Fe-B magnet powders, rare earths and metals and Zr based engineered materials)
6/11/12
$800.5
$291.6
36.4%
$281.4
$1,288.9
1.6 x
4.4 x
4.6 x
Advent International Corporation
Cytec Industries Inc.'s Coating Resins Business (radiation-cured, liquid and powder coating resins)
Announced
$1,549.9
$166.7
10.8%
NA
$1,150.0
0.7 x
6.9 x
NA
Cabot Corp.
Norit NV (activated carbon and carbon-based purification ingredients)
7/31/12
$359.5
$92.0
25.6%
NA
$1,100.0
3.1 x
12.0 x
NA
PPG Industries Inc.
Akzo Nobel NV's North American Decorative Paints Business
Announced
$1,500.0
NA
NA
NA
$1,050.0
0.7 x
NA
NA
GULF OIL Corporation Limited
Houghton International Inc. (specialty chemicals, rolling oils and lubricants)
12/22/12
$856.6
$131.9
15.4%
NA
$1,045.0
1.2 x
7.9 x
NA
BASF SE
Becker Underwood, Inc. (biological and nutrient seed treatment products)
11/21/12
$240.0
NA
NA
NA
$1,020.0
4.3 x
NA
NA
Development Bank of Japan Inc.
Sony Chemical & Information Device Corp.'s Chemical Products Businesses (adhesives, conductive films, optical elasticity resins)
9/28/12
$1,346.6
NA
NA
NA
$693.5
0.5 x
NA
NA
Royal DSM N.V.
Fortitech, Inc. (custom nutrient premixes for food, beverages and pharmaceuticals)
12/19/12
$270.0
$70.0
25.9%
NA
$634.0
2.3 x
9.1 x
NA
SK Capital Partners
Clariant AG's Textile Chemicals, Paper Specialties and Emulsions Businesses
Announced
$1,336.4
$87.2
6.5%
NA
$549.3
0.4 x
6.3 x
NA
Royal DSM N.V.
Ocean Nutrition Canada Limited (omega-3 EPA/DHA ingredients)
7/18/12
$189.3
$56.6
29.9%
NA
$529.9
2.8 x
9.4 x
NA
Cytec UK Holdings Limited
Umeco plc (advanced composite materials for aerospace/defense, wind energy, recreation and automotive industries)
7/20/12
$354.5
$41.0
11.6%
$28.5
$411.3
1.2 x
10.0 x
14.4 x
One Equity Partners LLC
Sonneborn, LLC (white oils, petrolatums, sodium sulfonates, microcrystalline waxes and compressor lubricants)
3/30/12
$406.9
$60.6
14.9%
NA
$400.0
1.0 x
6.6 x
NA
HB Fuller Co.
Forbo Holding AG's Industrial Adhesives Business (adhesives for paper processing, packaging, textiles and furniture)
3/5/12
$532.7
$32.7
6.1%
NA
$394.8
0.7 x
12.1 x
NA
Calumet Lubricants Co.
Royal Purple, Inc. (manufactures, packages and sells synthetic lubricants)
7/3/12
$109.5
$28.3
25.8%
NA
$335.0
3.1 x
11.8 x
NA
Hyosung Corp.
Shinwha Intertek Corp. (optical and lens films for LCDs, TVs and electronic display products)
Announced
$299.4
$15.9
5.3%
$6.1
$305.4 7
1.0 x
19.2 x
50.2 x
Air Products and Chemicals, Inc.
DA NanoMaterials, L.L.C. (colloidal silica sols, particles for semiconductor and wafer polishing and CMP products)
4/2/12
$90.1
NA
NA
NA
$300.0 8
3.3 x
NA
NA
PPG Industries Inc.
Dyrup A/S (paint and wood care products including damp-proofing products and fillers)
1/5/12
$281.5
$18.9
6.7%
$8.3
$287.1
1.0 x
15.2 x
34.8 x
SK Capital Partners
Chemtura Corporation's Antioxidant and UV Stabilizers Business
Announced
$389.9
$31.3
8.0%
NA
$200.0
0.5 x
6.4 x
NA
Enaex S.A.; Exsa SA
Britanite-IBQ Industrias Quimicas Ltda. (nitrogen chemicals, explosives, detonation accessories and defense materials)
5/3/12
$150.0
NA
NA
NA
$180.0 9
1.2 x
NA
NA
AICA Kogyo Company, Limited
Dynea Asia Pacific Holding Pte. Ltd. (adhesive, polymer and surface solutions)
Announced
$292.7
NA
NA
NA
$175.9
0.6 x
NA
NA
Thermo Fisher Scientific, Inc.
Doe & Ingalls of North Carolina Operating LLC (chemicals for life science and microelectronic manufacturers)
5/1/12
$109.4
NA
NA
NA
$175.0
1.6 x
NA
NA
CHS, Inc.
Solbar Industries Ltd. (soy proteins and isoflavones for food, beverages and pharmaceutical ingredients)
2/9/12
$184.4
$9.4
5.1%
$9.0
$141.2
0.8 x
15.0 x
15.6 x
Compania Global De Pinturas S.A.
HB Fuller Co.'s Central American Paints Business
8/6/12
$113.2
$13.3
11.8%
NA
$120.0
1.1 x
9.0 x
NA
DSM Food Specialties B.V.
Cargill Incorporated's Cultures and Enzymes for the dairy and meat business
12/6/12
$58.2
NA
NA
NA
$110.0
1.9 x
NA
NA
Niacet Corporation
Kemira Oyj's ChemSolutions (acetate-based chemicals, food and pharmaceuticals business)
Announced
$65.7
NA
NA
NA
$107.7
1.6 x
NA
NA
Shaw Kwei & Partners
CHT Holdings Ltd. (adhesive tape products used in automotive, electrical, construction and packaging)
3/19/12
$137.1
NA
NA
NA
$102.0
0.7 x
NM
NA
Nitto Denko Corp.
BENTO AS (manufactures and distributes a wide range of adhesive tapes)
6/4/12
$95.2
NA
NA
NA
$100.0
1.1 x
NA
NA
Sichuan Yahua Industrial Group Co., Ltd. Kaida Chemical Industry Company Ltd. (produces explosives for civil use)
Announced
$42.9
NA
NA
NA
$91.7 10
2.1 x
NA
NA
ACQUIRER(s)
TARGET
The Carlyle Group LP
DuPont Performance Coatings, Inc. (OEM automotive coatings)
Eastman Chemical Co.
Solutia Inc. (performance materials and specialty chemicals for consumer and industrial applications)
Novo A/S
Chr. Hansen Holding A/S (bioscience based natural ingredients for food, pharmaceuticals and agricultural products)
Advent International Corporation
MaxamCorp, S.A.U. (produces civil explosives and initiation services for mining, quarrying and construction)
The Sherwin-Williams Company
Consorcio Comex, S.A. de C.V. (decorative retail paints and automotive finishes)
Ecolab Inc.
Champion Technologies, Inc. (Specialty chemicals for oil and gas production)
Apollo Global Management, LLC
Taminco Group NV (alkylamines and derivatives for functional industrial use and for crop protection products)
Air Products and Chemicals, Inc.
Indura S.A. Industria y Comercio (industrial gas production services)
Reckitt Benckiser LLC
EFFECTIVE
DATE
LTM1
SALES
LTM1
EBITDA
Announced
$4,294.2
$660.6
15.4%
7/2/12
$2,109.4
$510.0
3/29/12
$826.7
2/7/12
%
LTM1
EBIT
Henkel AG & Co. KGaA
Cytec Industries Inc.'s Pressure Sensitive Adhesives Business
7/31/12
$105.0
$8.6
8.2%
NA
$90.0
0.9 x
10.5 x
NA
Li Chunnan
Wanxiang International Limited (natural and synthetic ingredients for perfumes, toothpaste and laundry detergents)
2/20/12
$102.4
$13.5
13.2%
$10.2
$87.7
0.9 x
6.5 x
8.6 x
Ronin Investment Managing
Company Ltd.
Discount Investment Corp. Ltd.'s Maxima Air Separation Center Ltd. (industrial and medical gases and equipment)
Announced
$42.7
$11.3
26.5%
$5.2
$84.5
2.0 x
7.5 x
16.4 x
Drew Marine Inc
Chemring Marine Ltd (pyrotechnics, marine distress signals for commercial and leisure marine markets)
7/31/12
$32.6
NA
NA
$9.3
$49.5
1.5 x
NA
5.3 x
5/31/12
$58.9
NA
NA
NA
$41.6
0.7 x
NA
NA
Beijing Nutrichem International Co., Ltd. Hebei Wanquan Hongyu Chemicals Co., Ltd. (manufactures pesticides including metamitron and clethodim)
Nihon Parkerizing Co. Ltd.
Dae Han Parkerizing Co. Ltd. (metal surface treatment and rust treatment processing chemicals)
Announced
$18.3
NA
NA
$3.1
$39.3
2.1 x
NA
12.5 x
Nantong Jiangshan Agrochemical
& Chemicals Limited Liability Co.
Ladda Group Holdings Co., Ltd. (produces pesticides for wholesale and retail markets)
Announced
$32.5
NA
NA
NA
$37.4 11
1.2 x
NA
NA
Wise SGR S.p.A.
Alcedo SGR S.p.A
KIIAN S.p.A. (chemicals for screen and digital printing, vinyl and solvent-based inks)
11/30/12
$62.1
$11.2
18.0%
NA
$37.0
0.6 x
3.3 x
NA
A. Schulman, Inc.
ECM Plastics, Inc. (custom thermoplastic compounds, color and additive concentrates)
Announced
$40.0
NA
NA
NA
$36.5
0.9 x
NA
NA
Ecolab Inc.
Quimiproductos S. A. de C. V. (cleaning, sanitizing and water treatment products for beverage production)
Announced
$35.0
NA
NA
NA
$35.0
1.0 x
NA
NA
ISCAR LTD.
Metal-Tech Ltd. (tungsten and molybdenum oxide and powders)
Announced
$42.6
NA
NA
NA
$32.5 12
0.8 x
NA
NA
Laird Technologies, Inc.
Emerson & Cuming Microwave Products NV (microwave absorbing materials, low-loss dielectrics, shielding materials)
5/31/12
$21.5
NA
NA
NA
$29.7
1.4 x
NA
NA
SDS Biotech K.K.
Sree Ramcides Chemicals Pvt. Ltd. (herbicides, pesticides, fungicides and plant nutrients)
Announced
$19.3
NA
NA
NA
$26.4 13
1.4 x
NA
NA
Elementis Holdings Limited
Watercryl Quimica Ltda. (coatings additives)
9/28/12
$9.3
$2.3
24.7%
NA
$24.0
2.6 x
10.4 x
NA
Announced
$48.4
NA
NA
NA
$23.9 14
0.5 x
NA
NA
4/27/12
$23.5
NA
NA
NA
$15.1
0.6 x
NA
NA
Announced
$14.1
NA
NA
$1.7
$11.8 15
0.8 x
NA
6.8 x
2/29/12
$10.8
NA
NA
NA
$10.3
1.0 x
NA
NA
18.4%
1.7x
10.6x
15.2x
17.5%
1.3x
10.4x
14.9x
Zheijiang Zanyu Technology Co., Ltd. Hangzhou Oil & Fat Chemical Co., Ltd. (food and pharmaceutical additives, plastic stabilizers and lubricants)
China Agri-Industries
Holdings Limited
COFCO TECH Bioengineering (Tianjin) CO., Ltd. (vegetable oils, fatty acids, esters, vitamin E oils and phytosterol)
Kyungin Synthetic Corp.
Eastwell Company Ltd. (ink and solvent dyes for ink jet and electronic printing)
Bayer HealthCare, LLC
KMG Chemicals, Inc.'s Animal Health Business (Patriot™ insecticides for cattle, Rabon and Permectrin insecticides)
MEAN3
3
MEDIAN
Notes:
When appropriate, all deals converted to U.S.$ (millions) at the announcement date, or, if closed, at the closing date.
1)
2)
3)
4)
5)
LTM: Latest Twelve Months
TEV: Total Enterprise Value
Includes only transactions that have closed
Based on 100% equity stake acquisition (actual was 25.7%)
Based on 100% equity stake acquisition (actual was 50.0%)
6) Based on 100% equity stake acquisition (actual was 67.0%)
7) Based on 100% equity stake acquisition (actual was 20.5%)
8) Based on 100% equity stake acquisition (actual was 50.0%)
9) Based on 100% equity stake acquisition (actual was 66.7%)
10) Based on 100% equity stake acquisition (actual was 81.0%)
SCOTT-MACON, LTD.
800 Third Avenue, New York, NY 10022
(212) 755-8200
www.scott-macon.com
11) Based on 100% equity stake acquisition (actual was 90.0%)
12) Based on 100% equity stake acquisition (actual was 51.0%)
13) Based on 100% equity stake acquisition (actual was 65.0%)
14) Based on 100% equity stake acquisition (actual was 86.8%)
15) Based on 100% equity stake acquisition (actual was 61.0%)
SM4Q12-ChemTrans-p3:Layout 1
2/19/13
7:58 PM
Page 2
2012 SELECTED COMMODITY CHEMICAL TRANSACTIONS
TARGET
1
1
%
LTM1
EBIT
TEV3
TEV2/
SALES
TEV2/
EBITDA
TEV2/
EBIT
$411.3
23.5%
$369.9
$2,097.5
1.2 x
5.1 x
5.7 x
$2,400.0
$244.0
10.2%
NA
$1,787.7
0.7 x
7.3 x
NA
Announced
NA
$300.0
NA
NA
$1,155.4 4
NA
3.9 x
NA
3/19/12
$1,031.9
$114.7
11.1%
$81.5
$928.7 5
0.9 x
8.1 x
11.4 x
12/20/12
$2,382.4
$84.0
3.5%
$43.5
$917.2
0.4 x
10.9 x
21.1 x
7/20/12
$1,823.2
$307.1
16.8%
$244.7
$807.7 6
0.4 x
2.6 x
3.3 x
Announced
$2,650.0
$77.0
2.9%
NA
$750.0
0.3 x
9.7 x
NA
12/27/12
$3,980.5
$142.6
3.6%
$86.1
$593.1 7
0.1 x
4.2 x
6.9 x
Zaklady Azotowe Pulawy Spolka Akcyjna (melamine, caprolactam, hydrogen peroxide and fertilizers)
Announced
$1,193.4
$228.7
19.2%
$193.7
$494.1 8
0.4 x
2.2 x
2.6 x
Synthos S.A
Zaklady Azotowe Pulawy Spolka Akcyjna (fertilizers, synthetic rubber and plastics)
Announced
$1,121.0
$229.2
20.4%
$197.2
$467.5
0.4 x
2.0 x
2.4 x
Abax Global Capital Limited
Yongye International, Inc. (fulvic acid-based crop and animal nutrition products)
Announced
$416.7
$115.9
27.8%
$101.3
$433.4 9
1.0 x
3.7 x
4.3 x
11/2/12
$56.6
$19.8
35.0%
$12.3
$400.8 10
7.1 x
20.2 x
32.5 x
Announced
$1,154.9
$53.1
4.6%
$20.3
$388.1
0.3 x
7.3 x
19.2 x
4/18/12
$400.9
$30.8
7.7%
$15.0
$376.4 11
0.9 x
12.2 x
25.1 x
12
0.7 x
NA
2.8 x
EFFECTIVE
DATE
LTM
SALES
LTM
EBITDA
Eagle Spinco Inc. (chlor-alkali and VCM for PVC from PPG Industries, Inc.)
Announced
$1,747.9
Agrium Inc.
Glencore International plc's Viterra, Inc. Agri-Products Business (retail sales of fertilizers, seeds and crop protection products)
Announced
Tata Chemicals Ltd.
Olam International Limited's urea manufacturing project in Gabon (ammonia-urea fertilizer)
SCG Chemicals Co., Ltd.
Thai Plastic and Chemicals Public Company Limited (polyvinyl chloride polymer and related finished plastic products)
First Reserve Corporation
SK Capital Partners
TPC Group Inc (C4 processing and performance products)
Joint Stock Company Acron
Zaklady Azotowe w Tarnowie Moscicach Spolka Skcyjna (polyamides, basic chemicals and fertilizers)
Yara International ASA
Bunge Limited's Fertilizer Business in Brazil
Honam Petrochemical Corporation
KP Chemical Corp. (purified TPA for polyester yarns and fibers)
Zaklady Azotowe w Tarnowie
ACQUIRER(s)
TARGET
Georgia Gulf Corp.
Moscicach Spólka Akcyjna
Morgan Stanley Private Equity
Asia Limited
Middle East Banking Consortium
Agritech Limited (urea fertilizers)
PolyOne Corporation
Spartech Corp. (engineered thermoplastics, polymeric compounds and concentrates)
Sanmar Holdings Limited
Chemplast Sanmar Ltd. (PVC resins, caustic soda, chlorochemicals, refrigerants and industrial salts)
Pelican Fertilizers GmbH
Azomures S.A. (ammonium nitrate, urea and NPK fertilizers, limestone, melamine and photographic film)
Announced
$501.5
NA
NA
$118.8
$329.0
Olin Corp.
K.A. Steel Chemicals Inc. (caustic soda, sodium hypochlorite and hydrochloric acid)
8/22/12
$435.0
$31.0
7.1%
NA
$328.0
0.8 x
10.6 x
NA
AXA Private Equity
NOVACAP SAS (acetone, hydrochloric acid, polycarbonate and epoxy resins, soda ash and phenol)
Announced
$633.7
NA
NA
NA
$323.8
0.5 x
NA
NA
EuroChem
K+S Nitrogen GmbH (nitrogenous fertilizers)
7/2/12
$1,503.3
NA
NA
$90.0
$181.9
0.1 x
NA
2.0 x
Textile Consortium
ICI Pakistan Limited (polyester staple fiber, POY chips, soda ash and polyurethanes)
12/28/12
$409.6
$42.4
10.3%
$30.4
$158.9 13
0.4 x
3.8 x
5.2 x
CK Life Sciences International
Holdings Inc.
Cheetham Salt Limited (solar salt for cooking and water softening)
12/31/12
$114.7
$17.2
15.0%
$11.7
$156.6
1.4 x
9.1 x
13.4 x
China National Salt Industry Corp.
Jiangsu Nafine Chemical Company Limited (sodium and potassium sulfate, ammonium bicarbonate, salt and sodium sulfide)
Announced
$42.6
NA
NA
NA
$146.1 14
3.4 x
NA
NA
SGL CARBON GmbH
Fibras Sinteticas de Portugal SA (acrylic fibers)
6/22/12
$155.5
$8.9
5.7%
$3.6
$62.2 15
0.4 x
7.0 x
17.1 x
Hexpol AB
Horst Müller Kunststoffe Gmbh & Co. Kg (thermoplastic elastomer compounding for consumer and household goods)
1/31/12
$58.8
$7.1
12.0%
NA
$50.9
0.9 x
7.2 x
NA
Carlisle Construction Materials
Incorporated
Hertalan Holding B.V. (rubber roofing membranes and industrial components)
3/9/12
$33.2
NA
NA
NA
$50.4
1.5 x
NA
NA
Xinghui Auto Model Co., Ltd.
SK Networks Polystyrene Shantou Co. (polystyrene)
6/25/12
$257.4
NA
NA
NA
$49.4 16
0.2 x
NA
NA
NongHyup Agribusiness Group Inc.
Youngil Chemical Co., Ltd. (agricultural chemicals)
12/24/12
$120.4
NA
NA
NA
$44.1 17
0.4 x
NA
NA
Aegion Corporation
FYFE Asia Pte. Ltd. (fiber reinforced polymer structural composites)
4/9/12
$25.8
$4.3
16.7%
NA
$40.7
1.6 x
9.5 x
NA
Dentressangle Initiatives SAS
Chemica S.A.R.L. (heat transfer solutions for cotton, polyester and acrylic fibers)
1/10/12
$21.7
NA
NA
NA
$34.1 18
1.6 x
NA
NA
12.0%
1.1x
8.8x
13.8x
10.7%
0.8x
8.6x
12.4x
MEAN3
3
MEDIAN
Notes:
When appropriate, all deals converted to U.S.$ (millions) at the announcement date, or, if closed, at the closing date.
1)
2)
3)
4)
5)
6)
13) Based on 100% equity stake acquisition (actual was 75.8%)
14) Based on 100% equity stake acquisition (actual was 54.0%)
15) Based on 100% equity stake acquisition (actual was 97.0%)
16) Based on 100% equity stake acquisition (actual was 67.4%)
17) Based on 100% equity stake acquisition (actual was 29.8%)
18) Based on 100% equity stake acquisition (actual was 88.0%)
7) Based on 100% equity stake acquisition (actual was 48.1%)
8) Based on 100% equity stake acquisition (actual was 89.7%)
9) Based on 100% equity stake acquisition (actual was 67.5%)
10) Based on 100% equity stake acquisition (actual was 79.9%)
11) Based on 100% equity stake acquisition (actual was 30.0%)
12) Based on 100% equity stake acquisition (actual was 24.1%)
LTM: Latest Twelve Months
TEV: Total Enterprise Value
Includes only transactions that have closed
Based on 100% equity stake acquisition (actual was 25.1%)
Based on 100% equity stake acquisition (actual was 24.1%)
Based on 100% equity stake acquisition (actual was 66.0%)
SCOTT-MACON, LTD.
800 Third Avenue, New York, NY 10022
(212) 755-8200
www.scott-macon.com
SPECIALTY CHEMICAL TRANSACTION MULTIPLES 2003–2012
HISTORICAL MEDIAN MULTIPLE OF SALES 2
HISTORICAL MEDIAN MULTIPLE OF EBITDA2
70
1.3
1.2
60
1.2
1.1
1.1
50
1.4x
70
1.2x
60
12.0x
1.3
1.1
1.0x
1.0
10.7
9.6
9.8
8.6
50
10.0x
9.5
9.1
9.0
10.4
8.0x
0.9
0.8x
40
30
0.6x
30
20
0.4x
20
0.2x
10
0.0x
0
40
0.8
7.3
6.0x
6.3
4.0x
10
22
32
30
35
60
35
20
42
50
34
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
0
11
16
12
15
26
10
11
15
33
21
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2.0x
0.0x
Number of Transactions
Multiple
1) Transactions for 2012 and prior years include only those that were closed during the respective year.
2) Whole numbers in the transaction bars refer to the number of datapoints used in the median calculation.
SCOTT-MACON, LTD.
800 Third Avenue, New York, NY 10022
(212) 755-8200
www.scott-macon.com
CHEMICALS AND RELATED INDUSTRIES GROUP
Led by Allan Benton, a specialist in chemical industry investment banking for more than 30 years
Has led transactions and execution across a number of chemical, material, and related industries
Transaction expertise includes:
– Mergers and acquisitions
– Strategic advisory and valuations
– Private equity and debt placements
The Chemicals & Related Industries Group encompasses a number of industries as shown below:
Chemicals &
Related Industries
Fine Chemicals
Pharmaceuticals
& Biochemicals
Polymers
& Plastics
Petrochemicals
Adhesives, Coatings
& Sealants
Custom
Manufacturing
Flavors
& Fragrances
Composites
Oil Refining
& Gas Processing
Agricultural Chemicals
& Fertilizers
Water Treating
Chemicals
Pigments
& Dyes
Catalysts
Surfactants
& Lubricants
Chemical Distribution
SCOTT-MACON, LTD.
800 Third Avenue, New York, NY 10022
(212) 755-8200
www.scott-macon.com