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Unquote
  • Buyouts

EQT carves out Natural Colours from Chr Hansen in €800m deal

  • Eliza Punshi
  • Eliza Punshi
  • 28 September 2020
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EQT has agreed to acquire the Natural Colors division of Danish bioscience company Christian Hansen (Chr Hansen) for a purchase price of €800m.

The GP is deploying equity from its latest fund, EQT IX, which launched in January 2020 and is due to hold a final close next month on its €15bn hard-cap. Following the deal, the vehicle will be 15-20% invested, based on its target fund size.

Sources told Mergermarket that the sale was launched in Q2 2020 when Chr Hansen was approached by a party interested in the Natural Colors division, leading the company to do a market check. 

Natural Colors

  • DEAL:

    Buyout

  • VALUE:

    €800m

  • LOCATION:

    Hørsholm

  • SECTOR:

    Speciality chemicals

  • TURNOVER:

    €224m (2019)

  • EBITDA:

    €50m (2020)

  • STAFF:

    650

The publication reported last month that the vendor was looking to fetch around €600m for the Natural Colors division, and that the asset was being marketed based on 2019/20 EBITDA of €50m.  

The GP plans to build its existing strategy of continued organic growth in current markets with a focus on the US and Asia. It will also back acquisitions within the food colouring market to pursue industry consolidation. Meanwhile, EQT will invest in the company's organisation, and strengthen its digital infrastructure, sustainability capabilities and supply chain setup. 

The transaction is subject to customary conditions and regulatory approvals, and is expected to close in H1 2021. 

Company
Headquartered in Hørsholm, Natural Colors is a manufacturer of natural colouring ingredients, serving 1,600 customers in the food and beverages industry. The Natural Colors division employs around 650 people and generated sales of €224m in 2018/19. It reportedly had an 2019/20 EBITDA of €50m. 

People
EQT – Mads Ditlevsen (partner).
Natural Colors – Klaus Bjerrum (executive vice-president).
Chr Hansen – Mauricio Graber (CEO).

Advisers
Equity – JP Morgan (financial due diligence); Nordea (financial due diligence); Accura (legal); PWC (corporate finance); Boston Consulting Group (commercial due diligence).
Vendor – Goldman Sachs (financial due diligence); Gorrissen Federspiel (legal); Baker McKenzie (legal); Deloitte (corporate finance).

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