Indian specialty chemicals maker Anupam Rasayan India Ltd has signed a definitive agreement to acquire Jayhawk Fine Chemicals Corporation, a US-based manufacturer and part of the CABB Group, in a deal valued at around $150 million.
The transaction includes the equity value of the Kansas-based company as well as repayment of existing shareholder loans. With Jayhawk holding roughly $16 million in cash as of June 2025, the deal implies an enterprise value of approximately $134 million. Jayhawk reported revenues of $78 million and adjusted EBITDA of $15 million in 2024, translating to an EV/EBITDA multiple of around nine times.
Anupam Rasayan said the acquisition will be funded through internal accruals, debt, and quasi-equity support from a global investment management firm overseeing assets of more than $100 billion. The company expects the deal to be earnings-accretive.
Strengthening US footprint
The acquisition marks Anupam Rasayan’s entry into onshore manufacturing in the United States, giving the Surat-based company access to new customers and key end-markets. Jayhawk’s product portfolio—particularly dianhydrides and polyimide intermediates—will bolster Anupam’s presence in performance materials used across semiconductors, aviation and high-performance polymers.
The deal also builds on Anupam’s strategy of moving up the value chain. After acquiring Tanfac to secure raw material integration, the addition of Jayhawk positions the company closer to end-use applications, enabling it to manufacture critical N-1 molecules for global clients.
Dual-site manufacturing advantage
With Jayhawk’s established US operations and Anupam’s cost-efficient manufacturing base in India, the company aims to offer a flexible dual-site supply model for multinational customers. Both firms also expect to benefit from combined R&D capabilities, process expertise and cross-selling opportunities.
Anand Desai, Managing Director of Anupam Rasayan, called the move “a transformative step” in the company’s global journey. Tobias Schalow, CEO of CABB Group, said the divestment allows CABB to focus on its pharma and life sciences portfolio while expressing confidence in Jayhawk’s future under Anupam.
