Anupam Rasayan to Acquire U.S. Based Jayhawk Fine Chemicals in $150 Million Deal
December 09, 2025
Surat — Specialty chemicals manufacturer Anupam Rasayan India Ltd. has signed a definitive agreement to acquire 100% equity in Jayhawk Fine Chemicals Corporation, a U.S.-based specialty chemicals producer owned by the CABB Group, for a consideration of about $150 million.
According to the company, the transaction value includes payments for Jayhawk’s equity as well as existing loans to outgoing shareholders. Adjusted for Jayhawk’s cash and cash equivalents of roughly $16 million as of June 2025, the deal reflects an enterprise value of approximately $134 million.
Jayhawk reported revenues of around $78 million and adjusted EBITDA of $15 million in calendar year 2024, implying an valuation multiple of nearly 9x EV/EBITDA.
Anupam said the acquisition will be funded through internal accruals, debt, and quasi-equity from “a leading global investment management firm with assets under management exceeding $100 billion.” The deal is expected to be earnings-per-share accretive.
The company described the transaction as a pivotal step to strengthen its global CDMO (contract development and manufacturing) presence and deepen its access to the U.S. specialty chemicals market.
The acquisition provides Anupam its first onshore manufacturing base in the United States. The company said Jayhawk’s established customer network offers “immediate access to key end-markets and leading multinational customers,” substantially expanding its global reach.
The deal adds high-value dianhydrides and polyimide intermediates—chemistries vital to semiconductors and performance materials—to Anupam’s offerings. The company said this positions it as an “integrated player” in a rapidly growing market.
Following its acquisition of Tanfac Industries, which strengthened backward integration in fluorination chemistry, Anupam said Jayhawk now enables forward integration by moving it “closer to end-use applications” through the manufacture of key N-1 molecules.
The company expects the combined capabilities of both firms to unlock cross-selling opportunities and broaden global customer relationships.
Anupam noted that Jayhawk’s “technologically advanced U.S. operations,” coupled with India-based cost-efficient manufacturing, will enable a dual-site model offering customers both localized U.S. supply and competitive global production.
The company added that the integration of Jayhawk’s R&D infrastructure with Anupam’s process development expertise will “accelerate joint innovation” and reduce development cycles for global clients.
Calling the acquisition “a transformative step in Anupam’s global journey,” Anand Desai, Managing Director of Anupam Rasayan, said: “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.”
He added that the move places Anupam “closer to strategic customers in developed markets.”
Tobias Schalow, CEO of the CABB Group, described the deal as a realignment of CABB’s strategic priorities. “We have developed a scalable growth platform in pharma and life science specialties, which we will continue to expand as we shift away from industrial applications, electronics and semiconductors with this transaction,” he said.
He added that Anupam Rasayan is “perfectly positioned for long-term growth with the Jayhawk team” and thanked Jayhawk employees for their contribution to CABB’s success.
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