This week IMCD announced that it’s acquiring HORN. The deal (still pending ordinary regulatory review) will expand the company’s already international specialty chemical sales, distribution, and marketing business.
“HORN is a leading specialty distributor in the US with an excellent reputation,” says Marcus Jordan, president of IMCD Americas, in his comments to the press about the acquisition.
According to Jordan the two companies are well matched: “There is a very good fit between HORN and our current US organization and we are convinced that we can jointly offer exciting opportunities to our staff, suppliers, and customers. Our combined businesses are excellently positioned to achieve accelerated growth on a national US basis through our specialist market focused teams.”
The outstanding shares of HORN will be purchased by IMCD with available cash and existing facilities, the press release states.
IMCD further characterized the HORN business and the value of acquiring it: “HORN is an excellent fit with IMCD's US activities and supports the strategy of offering to its suppliers and customers an organization with national US coverage and dedicated segment expertise.”
Looking at the value in terms of dollars, HORN had $276m in revenue last year and a“normalised EBITDA of USD 12 million,” according to the release. HORN employs some 200 people currently. And, board members commenting on the acquisition deal are optimistic.
“HORN and IMCD have similar strategies and cultures and we look forward to working together to expand our business in the US further,” say Bob Ahn and Jeff Martin, in a joint comment to the press.
Deanna Utroske, CosmeticsDesign.com Editor, covers beauty business news in the Americas region and publishes the weekly Indie Beauty Profile column, showcasing the inspiring work of entrepreneurs and innovative brands.