Arsenal to acquire Clariant healthcare business for CHF 308m

US-based Arsenal is currently investing from its fifth-generation vehicle, which invests in speciality industrials and healthcare platforms with enterprise values of $100-500m. The fund closed on $2.36bn in April 2019.

The enterprise value of the company is equivalent to 13.2x its adjusted EBITDA for 2018. In 2018, the Healthcare Packaging business generated sales of around CHF 135m.

Clariant has sold several subsidiaries to private equity firms in the past. Its carve-outs include the sale of its textile chemicals, paper specialties, and emulsions businesses to SK Capital in 2013; the sale of its pharmaceutical fine chemicals business to Towerbrook in 2006; and the sale of its acetyl and chlorine products business to Gilde in 2005.

The deal is expected to close in the fourth quarter of 2019.

Company
Clariant's healthcare packaging business offers products used to protect pharmaceutical products from moisture and oxygen. This includes customisable canisters and packets, integrated desiccant systems and plastic bottles containing oxygen barrier materials. The business has manufacturing facilities in the US, France, China and India, and employs 600 people. Clariant was founded in 1995 and is based in Muttenz.

People
Clariant – Ernesto Occhiello (CEO).

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