June 12 2018, David R Brown
IMCD to acquire major U.S. specialty chemicals distributor E.T. Horn Company
IMCD N.V., a leading distributor of specialty chemicals and food ingredients, has announced that it signed an agreement to acquire 100% of the outstanding shares of E.T. Horn Company. E.T. HORN builds on IMCD's U.S. existing activities and supports the strategy of offering its suppliers and customers an organisation with national U.S. coverage and dedicated segment expertise. The deal is subject to fulfilment of transaction related conditions and customary regulatory review.
Our combined businesses are excellently positioned to achieve accelerated growth on a national U.S. basis through our specialist market focused teamsMarcus Jordan
President of IMCD Americas
E.T. HORN was established in 1961 and is a leading specialty chemicals distributor in the U.S. with a focus on coatings, construction, plastics, personal care, human food & nutrition, animal nutrition, nutraceuticals and other specialties. With a head office in La Mirada, California HORN represents leading suppliers and is primarily focused on the West and South West regions of the US. In 2017, HORN generated revenue of USD 276 million, a normalised EBITDA of USD 12 million and has approximately 200 employees.
Marcus Jordan, President of IMCD Americas, commented: “HORN is a leading specialty distributor in the US with an excellent reputation. There is a very good fit between HORN and our current US organisation 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”.
Bob Ahn and Jeff Martin, Board members of HORN: “HORN and IMCD have similar strategies and cultures and we look forward to working together to expand our business in the US further”.
The acquisition will be paid from available cash and existing facilities.
About IMCD N.V.
IMCD is a market-leader in the sales, marketing and distribution of speciality chemicals and food ingredients. Its result-driven professionals provide market-focused solutions to suppliers and customers across EMEA, Asia-Pacific and Americas, offering a range of comprehensive product portfolios, including innovative formulations that embrace industry trends. Listed at Euronext, Amsterdam (IMCD), IMCD realised revenues of EUR 1,907 million in 2017 with more than 2,200 employees in over 45 countries on 6 continents. IMCD's dedicated team of technical and commercial experts work in close partnership to tailor best in class solutions and provide value through expertise for around 37,000 customers and a diverse range of world class suppliers.
Source(s): IMCD Press Release