mynth
08/2026

TPC Group acquired by ENEOS

UNITED STATES Chemicals & Materials / Specialty Chemicals EV 1b - 4b USD

Context

ENEOS Holdings acquires TPC Group, an American C4 hydrocarbons processor, as part of its strategy to expand in materials and chemicals in North America. The transaction, announced in August 2026 and expected to close in October 2026, covers TPC's petrochemical operations in Houston as well as its terminals in Port Neches and Lake Charles. The strategic logic rests on several factors. First, the acquisition strengthens ENEOS's competitiveness in the petrochemical C4 value chain by leveraging its operational expertise in the crude C4 business. Second, the transaction enables ENEOS to expand its U.S. operations and secure stable supply sources in North America amid tightening butadiene supply-demand dynamics in Asia. The acquisition positions ENEOS as the world's third-largest butadiene producer and creates complete vertical integration, from C4 chemical raw materials to high-performance elastomers, not only in Japan and Asia but also in North America. This transaction aligns with ENEOS's Fourth Medium-Term Management Plan, which targets portfolio restructuring and strengthening of base and materials businesses. ENEOS is committed to supporting long-term growth through continued investment in TPC's assets, downstream capabilities, and other strategic opportunities along the Gulf Coast.

TPC Group, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the Industry & Manufacturing sector (11.6x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

TPC Group is an American producer of chemicals derived from C4 hydrocarbons, based in Houston, Texas. Founded in 1943, the company is North America's largest independent processor of C4 hydrocarbons, producing essential products for manufacturing synthetic rubber, fuels, lubricant additives, plastics, and surfactants. TPC Group's operations include a petrochemical facility in Houston, as well as terminals in Port Neches, Texas, and Lake Charles, Louisiana. The Houston site, spanning 256 acres near the Houston Ship Channel, has a combined production capacity of more than 1.5 billion pounds per year and produces butadiene, butene-1, raffinate, isobutylene, diisobutylene, and polyisobutylene. TPC Group holds leading positions in North America for butadiene, raffinate, 1-butene, and polybutenes. The company serves critical industries such as transportation, infrastructure, and industrial innovation, with operations strategically located along the U.S. Gulf Coast. TPC Group emphasizes safety, environment, people, and community, and has achieved ISCC Plus certification for its sustainability practices.

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Historical Financials (USD)

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REFERENCES

Valuation range: EV 1b - 4b USD

Revenue range: 1b - 3b USD

EBITDA range: 250M - 500M USD

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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: tpc group

Acquirer: eneos