Audax Private Equity has sold Akron, Ohio-based Gabriel Performance Products, a manufacturer of specialty chemicals. The buyer was Huntsman Corporation. No financial terms were disclosed. Kirkland & Ellis LLP and Fredrikson & Byron, P.A. served as legal advisors and Evercore and Grace Matthews served as financial advisor to Gabriel.
BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) today announced that it has completed the sale of Gabriel Performance Products (“Gabriel” or the “Company”) to Huntsman Corporation (NYSE: HUN).
Headquartered in Akron, OH, Gabriel is a leading manufacturer of specialty chemicals, including specialty additives and epoxy curing agents for the coatings, adhesives, and composites end-markets. The Company manufactures high performance, complex chemistries under the Gabepro®/Capcure®, Phenoxy, RoyOxy®, Ranbar®, Versamid®, and Versacure® brands. Gabriel operates three manufacturing facilities in the U.S. and partners with customers in over 40 countries. Since Audax’ investment in Gabriel in October 2014, the Company has completed six acquisitions, expanded its proprietary product portfolio, and developed a direct sales model to partner more effectively with its customers.
Don Bramley, Managing Director at Audax, said, “We are proud to have partnered with Seth Tomasch and the Gabriel team in creating a leading platform serving the coatings, adhesives, and composites markets. The Company expanded its proprietary products organically and through acquisitions while investing in its direct commercial team, research & development capabilities, manufacturing facilities, and key talent to support and sustain continued growth. We wish continued success for Seth and the entire Gabriel organization as they embark on their next chapter of growth.”
Seth Tomasch, CEO of Gabriel, said, “Audax has been a valuable partner in helping us grow Gabriel into a leading specialty chemicals manufacturer that delivers state-of-the-art, scalable, ready-made, and customized chemical solutions with exceptional customer service. We look forward to continuing to execute on our growth strategy in partnership with the Huntsman team.”
Kirkland & Ellis LLP and Fredrikson & Byron, P.A. served as legal advisors and Evercore and Grace Matthews served as financial advisors to Gabriel.
ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $27 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $6 billion in more than 135 platforms and over 925 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Group website www.audaxgroup.com.
ABOUT HUNTSMAN CORPORATION
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately $7 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions. For more information about Huntsman, please visit the company’s website at www.huntsman.com.