IMCD N.V. (Rotterdam, The Netherlands), a leading distributor of specialty chemicals and food ingredients, has announced that it signed an agreement to acquire 100 percent of the outstanding shares of E.T. Horn Company. According to IMCD, HORN is an excellent fit with IMCD’s U.S. activities and supports the strategy of offering to its suppliers and customers an organization with national U.S. coverage and dedicated segment expertise. The deal is subject to fulfillment of transaction related conditions and customary regulatory review.
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, CA, HORN represents leading suppliers and is primarily focused on the West and South West regions of the U.S. In 2017, HORN generated revenue of $276 million (U.S.), a normalized EBITDA (earnings before interest, taxes, depreciation, and amortization) of $12 million (U.S.) and has approximately 200 employees.
“HORN is a leading specialty distributor in the U.S. with an excellent reputation,” said Marcus Jordan, president of IMCD Americas. “There is a very good fit between HORN and our current U.S. organization 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 U.S. basis through our specialist market focused teams.”
“HORN and IMCD have similar strategies and cultures and we look forward to working together to expand our business in the U.S. further,” added Bob Ahn and Jeff Martin, HORN board members.
The acquisition will be paid from available cash and existing facilities.