NOURYON acquired by THE CARLYLE GROUP & GIC
Context
As part of one of the biggest LBO since 2008, a consortium formed by The Carlyle Group and GIC acquired 100% of AkzoNobel Specialty Chemicals in a landmark corporate carve-out transaction. The deal was structured via a competitive bidding process under a definitive share purchase agreement, outnegotiating rival private equity syndicates including Apollo Global Management, Bain Capital, Advent International, and Hal Investments. The transaction was financed via a high-leverage capital structure comprising institutional sponsor equity alongside €6.5 billion in senior secured acquisition debt, representing a leverage ratio of 6.5x EBITDA. The debt package was arranged by a tier-one global banking syndicate led by Barclays, HSBC, and JPMorgan, alongside Citi, Credit Suisse, Deutsche Bank, RBC, and UBS, and included an additional €800 million in undrawn revolving credit lines. Under the binding terms of the agreement, Carlyle committed to maintaining the standalone entity’s corporate headquarters in the Netherlands.
NOURYON, which reported an EBITDA margin of in 2017, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Industry & Manufacturing sector (11.5x).
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Target
Nouryon (ex AkzoNobel Specialty Chemicals) is a premier global producer of high-performance specialty chemicals serving critical industrial supply chains. The company manufactures essential chemical components tailored for the packaging, plastics, pharmaceuticals, food processing, and construction end-markets. Its business model relies on high-barrier chemical engineering and specialized product development, capitalizing on a structural regulatory and consumer shift toward sustainable packaging, phosphate alternatives, and eco-friendly raw materials. The organization operates an extensive global industrial footprint employing approximately 10,000 professionals, including 2,500 employees located across its core Dutch facilities. Strategically, the firm represents a highly resilient, cash-generative industrial platform that commands dominant market shares in niche chemical verticals. Benefiting from steady market expansion characterized by a projected 4% CAGR, the division functioned as the highest-margin engine within its parent group prior to the transaction, generating nearly half of the conglomerate's total consolidated operating profit.
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 5b - 100b EUR
EBITDA range: 750M - 1.3b EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: nouryon
Acquirer: the carlyle group / gic