IMCD expands US network with Californian acquisition
Specialty chemicals and food ingredients distributor IMCD (Rotterdam, Netherlands) says it has agreed to acquire E.T. Horn (La Mirada, California), a specialty chemicals distributor. The deal, financial terms of which have not been disclosed, remains subject to fulfillment of transaction-related conditions and a customary regulatory review. IMCD will pay for the acquisition from available cash and existing facilities.
Horn distributes specialties to the coatings, construction, plastics, personal-care, human food and nutrition, animal nutrition, and nutraceutical industries mainly in the West and Southwest regions of the United States. The company generated sales of $276 million and EBITDA of $12 million in 2017.
IMCD says the acquisition supports the company's strategy to offer its suppliers and customers an organization with national US coverage and dedicated segment expertise. IMCD has been building up its North American network through acquisitions in recent years. The company acquired M.F. Cachat (Cleveland, Ohio) in 2015 and bought L.V. Lomas (Toronto, Ontario, Canada) in 2017.