IMCD has signed an agreement to acquire 100% of the outstanding shares of ET Horn Company ("Horn").
The company said that Horn is an excellent fit with IMCD’s USA activities and supports the strategy of offering to its suppliers and customers an organisation with national USA coverage and dedicated segment expertise.
The deal is subject to fulfilment of transaction related conditions and customary regulatory review.
Horn was established in 1961 and is one of the leading speciality chemicals distributors in the USA, with a focus on coatings, construction, plastics, personal care, human food & nutrition, animal nutrition, nutraceuticals and other specialities.
With a head office in La Mirada, California, Horn represents leading suppliers and is primarily focused on the west and south west regions of the USA.
In 2017, Horn generated revenue of US$276M, a normalised EBITDA of US$12M and has approximately 200 employees.
Marcus Jordan, President of IMCD Americas, commented: "Horn is one of the leading speciality distributors in the USA with an excellent reputation.
"There is a very good fit between Horn and our current US organisation and we are convinced that we can jointly offer exciting opportunities to our staff, suppliers and customers.
"Our combined businesses are excellently positioned to achieve accelerated growth on a national US basis through our specialist market focused teams".
Bob Ahn and Jeff Martin, Board members of Horn, said: "Horn and IMCD have similar strategies and cultures and we look forward to working together to expand our business in the US further."
