Anupam Rasayan India Ltd. has announced that it has signed a definitive agreement to acquire 100% equity stake in Jayhawk Fine Chemicals Corporation, a U.S.-based specialty chemicals manufacturer and part of the CABB Group. The company informed the exchanges on December 9, 2025, stating that the acquisition will be a major step in strengthening its global CDMO presence and expanding its footprint in advanced performance materials.
According to the release, the transaction is valued at approximately USD 150 million, which includes the equity value of Jayhawk and repayment of existing loans owed to exiting shareholders. After accounting for Jayhawk’s USD 16 million cash and cash-like balances, the deal implies an enterprise value of around USD 134 million. Jayhawk reported USD 78 million in revenue and USD 15 million in adjusted EBITDA in CY2024, translating to an EV/EBITDA multiple of ~9x.
Anupam Rasayan plans to finance the acquisition through internal accruals, debt, and quasi-equity support from a global investment management firm with over USD 100 billion in AUM. The company said the acquisition will be EPS-accretive.
Strategic significance
The company highlighted several advantages of the acquisition:
- Entry into U.S. onshore manufacturing, enabling immediate access to major end-markets and multinational clients.
- Expansion of its polymer and performance materials portfolio, including high-value dianhydrides and polyimide intermediates used in semiconductors and advanced materials.
- Forward integration, moving closer to end-application manufacturing for critical sectors like electronics and aviation.
- Dual-site manufacturing capability—combining Jayhawk’s advanced U.S. operations with Anupam’s cost-efficient Indian facilities.
- Enhanced innovation pipeline through combined R&D and analytical capabilities.
Leadership comments
Anand Desai, Managing Director of Anupam Rasayan India Ltd., called the acquisition a “transformative step” in the company’s global journey. He said that Jayhawk’s technology platform, deep customer relationships, and strong presence in high-value chemistries complement Anupam’s long-term strategy for expansion across critical sectors such as aviation, semiconductors, and electronics.
Tobias Schalow, CEO of CABB Group, said the decision aligns with CABB’s strategic shift toward pharma and life-science specialties while moving away from industrial and electronics applications. He expressed confidence that Jayhawk will achieve long-term growth under Anupam Rasayan.
About the companies
Anupam Rasayan, established in 1984, is one of India’s leading custom synthesis and specialty chemical manufacturers, serving more than 70 domestic and international clients through six facilities in Gujarat with a combined capacity of 30,000 MT. Jayhawk Fine Chemicals, founded in 1941 and headquartered in Kansas, USA, specializes in advanced intermediates and high-performance materials for global companies in electronics, energy, and polymers.
