Anupam Rasayan India Ltd., a custom synthesis and specialty chemicals manufacturer, has signed a definitive agreement to acquire 100% equity in Jayhawk Fine Chemicals Corporation (“Jayhawk”), a U.S.-based specialty chemicals company and part of the CABB Group. Anupam Rasayan values the acquisition at approximately $150 million, covering Jayhawk’s equity and existing shareholder loans.
With around $16 million in cash and cash-like items as of June 2025, the purchase consideration translates to an enterprise value of ~$134 million. In CY24, Jayhawk reported ~$78 million in revenue and ~$15 million in adjusted EBITDA, representing an EV/EBITDA multiple of ~9x. The transaction will be funded through internal accruals, debt, and quasi-equity from a global investment management firm with over $100 billion in AUM. The acquisition will be EPS accretive for Anupam Rasayan.
Strategic Rationale and Long-Term Synergies
The acquisition marks a major milestone in Anupam Rasayan’s global expansion strategy. By entering onshore manufacturing in the U.S., the company gains immediate access to established operations, a strong customer base, and critical end-user markets. This step significantly boosts Anupam’s visibility among leading multinational clients.
Expanding the Performance Materials Portfolio
Jayhawk brings a robust portfolio of high-value dianhydrides and polyimide intermediates, essential for semiconductors and high-performance materials. This addition enhances Anupam’s polymer portfolio and positions the company as a competitive integrated player in a rapidly growing materials segment.
Accelerating Forward Integration and Customer Synergies
Anupam Rasayan has strengthened its value chain over the years—starting with the acquisition of Tanfac for backward integration in fluorination chemistry. With Jayhawk, the company now moves closer to end applications by manufacturing key N-1 molecules for high-value sectors such as electronics, aerospace, and semiconductors. The combined strengths of both companies will open cross-selling opportunities, support downstream product development, and deepen relationships with global customers.
Creating a Cost-Efficient, Dual-Site Manufacturing Model
The integration of Jayhawk’s advanced U.S. operations with Anupam’s cost-efficient, backward-integrated facilities in India creates a strong dual-site offering. This model allows global customers to choose between localized production in the U.S. or scalable manufacturing in India. It enhances flexibility and strengthens supply chain reliability.
Boosting Innovation Through R&D Collaboration
According to the press release, the acquisition combines Jayhawk’s state-of-the-art R&D and analytical capabilities with Anupam’s strong process chemistry expertise. It also leverages Anupam’s scale-up strengths. This collaboration is expected to speed up innovation, shorten development timelines, and enhance value delivery across global markets.
Leadership Insights
Anand Desai, Managing Director of Anupam Rasayan India Ltd., said, “This acquisition is a transformative step in Anupam’s global journey. Jayhawk Fine Chemicals brings a legacy of innovation, strong customer relationships, and advanced technology in high-value chemistries. Together, we will leverage our complementary strengths to accelerate growth and deliver greater value across key sectors such as aviation, semiconductors, and electronics. Jayhawk’s U.S. operations significantly enhance our global footprint and position us closer to strategic customers in developed markets.”
CABB Group’s Perspective
Tobias Schalow, CEO of CABB Group, added, “This transaction marks a strategic step for our company, and we have made this decision with full confidence in the new owner. CABB will continue strengthening its scalable platform in Pharma and Life Science specialties while moving away from industrial applications and semiconductors. We believe Anupam Rasayan is well positioned for long-term growth with the Jayhawk team, and we wish them continued success. We also extend our deepest gratitude to the dedicated Jayhawk team, whose commitment has been essential to our success.”
