chemical industry fy 2020 - pkf attest

Iberian M&A Overview

Chemical Industry

FY 2020

www.pkf-attest.es 2This document contains general information obtained from public sources and does not constitute a professional opinion or advice

Date Target Country Target Description Buyer Seller EV (€M)

10/01/2020Aplicación y Suministros

Textiles S.A.Spain Manufacture of chemicals for textile industries Giovanni Bozzetto SpA Private shareholders n.a.

20/01/2020 Chubb Spain Producer and marketer of cleaning products Unecol Adhesive Ideas Private shareholders n.a.

21/01/2020Grup Lasem Gestio S.L (36%

Stake)Spain Chemicals and food products Josep Marti (Private Investor)

Josep Betriu (Private Investor)

n.a.

04/02/2020Agrichem Bio, S.A; Evenagro

S.L.Spain

Agrichem: Biological plant protection solutionsEvenagro S.L., fertilizer company

Idai Nature SL Private shareholders n.a.

06/02/2020Nanchang Duomei Bio-Tech

Co., LtdChina Flavour manufacturer Iberchem S.A. Private shareholders n.a.

06/02/2020Flavor Inn Corporation Sdn

BhdMalaysia

Flavour manufacturer offering tailored-made solutions

Iberchem S.A. Private shareholders n.a.

19/02/2020 Mistol SpainFirst dishwashing liquid to be packaged in a glass

bottleQuímicas Oro Henkel n.a.

19/03/2020 InnoHealth Spain Developer of novel skincare products Evonik Industries Private shareholders n.a.

26/03/2020 Grupo Agrotecnologia, SL SpainProducts for the protection and nutrition of

agricultural cropsRovensa Group Private shareholders n.a.

07/04/2020 Sapec Vet PortugalProduction of ectoparasiticide veterinary

medicines for farm and companion animals, antiparasitic products

Vetlima Bridgepoint Capital (Global) n.a.

22/05/2020 Rivaz Quimica, S A Portugal Paper industry and water & effluent treatment RNM Group Private shareholders n.a.

16/06/2020 Biosog Portugal Production of detergents and cleaning products Regoldi Trivalor 2,2

30/06/2020 Bitulife, Sorexi MoroccoSorexi: Bitumen and road emulsion market

Bitulife: Manufacture of waterproofing products for the road and building construction sector

Cepsa Madjaline Holding n.a.

17/07/2020 Rovensa Group PortugalManufacturer of off-patent crop protection

productsPartners Group Holding AG

Bridgepoint Advisers Limited

1000

11/08/2020 Ten Four Indústria e Serviços BrazilProduction and sale of chemicals for the

treatment of swimming pools and wellnessFluidra Private shareholders n.a.

Market transactions (1/2)


Market transactions (2/2)

Date Target Country Target Description Buyer Seller EV (€M)

03/09/2020 Iberfrasa SpainManufacturer of household, ambience, personal

grooming and perfumery productsAbac Solutions (SCA) Private shareholders n.a.

09/09/2020 Rovensa Group (50% Stake) PortugalManufacturer of off-patent crop protection

productsBridgepoint Advisers Limited Private shareholders n.a.

17/09/2020Production plant in Saint-

VulbasFrance

The acquired plant specializes in the manufacture of powders, tablets and additives for dishwashers.

Persán Unilever n.a.

28/09/2020Solvay Portugal - Produtos

Químicos S.A.Portugal Chemical and advanced materials company

Algora- Sustainable Investments, SGPS. SA.

Solvay SA n.a.

28/09/2020

Hexion Inc.(Phenolic Specialty Resins); Hexion

Inc.(European forest products resins division)

USAProducers of phenolic specialty resins, engineered

thermoset molding compounds, and merchant formaldehyde

InvestIndustrial; Black Diamond Capital Management, LLC

Hexion Inc. 287,55

13/10/2020 Symborg SL (30% Stake) Spain Producer of natural fertilizers MCH Private Equity Private shareholders n.a.

19/10/2020 Oro Agri Group SpainDevelopment and manufacture of agrochemical

productsRovensa Group Omnia Holdings Limited 125,01

19/10/2020 Industrias Titan, S.A.U. Spain Producer and supplier of paint Akzo Nobel N.V. Fabricas Folch, S.L. 95

21/10/2020 Titan Powder Coatings SpainManufacture and marketing of paints, varnishes,

thinners and related productsNEUCE - Industria de Tintas S.A. Industrias Titan, S.A.U. n.a.

18/11/2020 Iberchem S.A. Spain Fragrances and flavourings producer Croda International Plc Eurazeo SA 820

19/11/2020

Solvay SA (Barium and strontium business in

Germany, Spain and Mexico); Solvay SA (Sodium

percarbonate business in Germany)

Germany, Spain & Mexico

Technical-grade barium and strontium business in Germany, Spain and Mexico as well as its sodium

percarbonate business in GermanyLatour Capital FCPR Solvay SA n.a.

23/11/2020 Sensient Fragrances, SAU Spain Fragrance and aroma chemicals business unit Symrise AGSensient Technologies

Corporationn.a.

24/11/2020Gallon-Kosmetik GmbH & Co.

KGGermany Cleaning and personal care products maker The SPB Global Corporation, S.L. Private shareholders n.a.

24/11/2020 Iberchem México Mexico Manufacture of fragrances and food additives Croda Private shareholders n.a.


Selected Deals

Rollover transaction involving Bridgepoint andPartners Group

In July, Bridgepoint sold its original interest in Rovensa toPartners Group. Rovensa is a Portuguese company thatpromotes sustainable agriculture, targeting plant health andcrop yields through a broad range of R&D-led biologicalproducts. In September, Bridgepoint re-invested in Rovensavia another Bridgepoint fund alongside Partners Group.

In October 2020 Rovensa acquired the Spanish agrochemicalcompany Oro Agri, reinforcing its global position in biologicalsolutions and further expanding its geographical footprint.

Akzo Nobel acquires Industrias Titan

Akzo Nobel N.V. has acquired Industrias Titan, S.A.U., theSpain-based producer and supplier of paint, from FábricasFolch, S.L., for an undisclosed consideration. Thetransaction will help Akzo to better serve their customersand added momentum with expanding product portfolio. Itwill help to enhance market position of Akzo.

Croda acquires Iberchem

Croda, a British manufacturer and supplier of specialtychemicals and high-performance technology ingredients,has agreed to acquire Iberchem, which is headquartered inSpain for a total consideration of EUR 820 million on adebt-free, cash-free basis.

Iberchem, based in Murcia, is a company dedicated to themanufacture of fragrances and food additives and has beenmajority-owned by French investment firm Eurazeo since2017.

Symrise acquires Sensient Fragrances

Symrise AG has acquired Sensient Fragrances, SAU, a Spain-based fragrance and aroma chemicals business unit ofSensient Technologies Corporation, for an undisclosedconsideration. The transaction involves the acquisition ofSensient‘s aroma chemical and fragrance compoundproduction facility, headquarters in Granada, Spain. Thetransaction will enable Symrise to position itself as aleading supplier of fragrance ingredients. It will also enableSymrise to expand its presence in the EAME and LatinAmerican regions.

Regoldi acquires Biosog

Regoldi, a Portugal-based company specialized in thecommercialization of chemical compounds, acquired inJune 2020, Biosog, a Portuguese producer of detergentsowned by Trivalor, for some EUR 2,2 million. Biosog is anindustrial company specialized in the production ofdetergents and cleaning products for the professionalmarket. The company produces products for the followingcategories: manual and mechanical dish washing,disinfection, degreasing, surface cleaning, hand hygieneand cleaning of sanitary facilities.

Giovanni Bozzeto acquires Aplicaciones ySuministros Textiles

Giovanni Bozzetto SpA, a producer of chemical auxiliariesbased in Italy, has acquired in January 2020 Aplicaciones ySuministros Textiles S.A. (Asutex), a Spain-based companydedicated to the manufacture of chemicals for the textileindustry, for an undisclosed consideration. The acquisitionwill also strengthen Asutex's position in the textile chemicalindustry. Asutex reported revenues of EUR 45 million in2019 and has production plants in Spain, Morocco,Colombia, China and Malaysia.


Financial data and valuation multiples of American and European listed companies by segment (1/2)

COMPANYSALES (M) EBITDA (M) EBITDA MARGIN EV / VENTAS EV / EBITDA

LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1A

groc

hem

ica

lsYARA INTL ASA 10.168 10.446 1.839 1.977 18,1% 18,9% 1,2x 1,3x 7,5x 7,0x

OCI NV 3.047 3.402 687 1.003 23,4% 29,5% - 2,5x 12,6x 8,6x

ERCROS 576 - 50 - 8,1% - - - 7,6x -

Median 18,1% 24,2% 1,2x 1,9x 7,6x 7,8x

Flav

ou

r &

fr

agra

nce

s

GIVAUDAN-REG 5.907 5.883 1.290 1.329 21,8% 22,6% 6,1x - - -

SYMRISE AG 3.537 3.548 741 757 20,9% 21,3% 4,5x 4,2x 20,1x 19,7x

ROBERTET SA 547 538 94 96 17,2% 17,8% 3,9x 4,1x 23,3x 22,9x

Median 20,9% 21,3% 4,5x 4,1x 21,7x 21,3x

Inks

&

Co

atin

gs AKZO NOBEL 8.530 9.027 1.324 1.566 15,5% 17,3% 2,1x 2,0x 13,5x 11,4x

TIKKURILA OYJ 582 584 85 86 14,7% 14,8% 1,9x 2,6x 17,6x 17,4x

FLUEGGER GROUP 280 - 41 - 14,8% - 0,7x - 7,7x -

Median 14,8% 16,1% 1,9x 2,3x 13,5x 14,4x

Car

bon

&

com

po

site

m

ater

ials

SCHWEITER TEC-BR 1.084 1.082 122 144 11,7% 13,3% - 1,8x 15,9x 13,4x

MORGAN ADVANCED 1.025 1.056 52 166 5,1% 15,7% 1,2x 1,2x 23,8x 7,5x

SGL CARBON SE 938 907 88 80 9,4% 8,8% 0,7x 1,2x 12,4x 13,7x

GURIT HOLDING-BR 539 547 - 72 - 13,1% - 1,8x - 13,9x

Median 9,4% 13,2% 0,9x 1,5x 15,9x 13,5x

Source: Bloomberg as of 2021/03/08: “-” = not available


Financial data and valuation multiples of American and European listed companies by segment (2/2)

Source: Bloomberg as of 2021/03/08: “-” = not available

COMPANYSALES (M) EBITDA (M) EBITDA MARGIN EV / SALES EV / EBITDA

LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1Sp

ecia

ltie

s JOHNSON MATTHEY 16.787 4.421 416 738 2,5% 16,7% 0,4x 1,9x 19,8x 11,2x

EVONIK INDUSTRIE 12.199 12.947 1.826 2.163 15,0% 16,7% 1,3x 1,3x 9,2x 7,7x

CLARIANT AG-REG 3.606 3.636 491 578 13,6% 15,9% 1,9x - - -

ELEMENTIS PLC 733 630 65 109 8,9% 17,2% 1,2x 2,1x 20,2x 12,2x

Median 11,3% 16,7% 1,2x 1,9x 19,8x 11,2x

Dis

trib

uti

on

BRENNTAG SE 12.031 11.780 1.004 1.025 8,3% 8,7% 0,8x 1,0x 11,7x 11,4x

Median 8,3% 8,7% 0,8x 1,0x 11,7x 11,4x

Po

lym

ers EMS-CHEMIE HLDG 1.684 1.882 - 594 - 31,6% - 8,9x - 28,1x

HEXPOL AB 1.281 1.442 229 289 17,8% 20,0% 2,4x 2,3x 14,6x 11,6x

VICTREX PLC 303 318 96 117 31,8% 36,9% 5,7x 6,7x 22,1x 18,1x

Median 24,8% 31,6% 4,1x 6,7x 18,4x 18,1x

Div

ersi

fied

ch

emic

als SOLVAY SA-A 9.714 9.242 1.694 2.026 17,4% 21,9% 1,5x 1,7x 9,3x 7,8x

WACKER CHEMIE AG 4.690 5.138 563 1.039 12,2% 20,2% - 1,2x 10,6x 5,7x

CRODA INTL. 1.564 1.939 418 554 26,7% 28,6% 7,2x 5,6x 25,8x 19,5x

Median 17,4% 21,9% 4,4x 1,7x 10,6x 7,8x


Summary

Note: Average of the medians by chemical segment

2,6x

0,0x

1,0x

2,0x

3,0x

4,0x

5,0x

6,0x

7,0x

EV/Sales

13,2x

5,0x

8,0x

11,0x

14,0x

17,0x

20,0x

23,0x

EV/EBITDA

2,1x

-1,0x

0,0x

1,0x

2,0x

3,0x

4,0x

5,0x

6,0x

7,0x

Net Debt/EBITDA


Pandea Global M&A

• PKF Attest Corporate Finance takes part of Pandea Global M&A network

• Pandea Global M&A is a global network of selected independent firms with aprimary focus on the origination and execution of middle market M&Aactivities. Typically, this will be focused on transaction values between €5mand €500m.

• The goal of Pandea is to develop an extensive network of relationships withselected M&A advisory firms, which have a wide experience in local marketand access to qualified buyers and sellers across the globe.

19

Countries

600+

Deals Closed

100

Team Members

21

€BN Deal Value

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chemical industry fy 2020 - pkf attest

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