Heubach And SK Capital’s Acquisition of Clariant Pigments Business

Lenz & Staehelin advised Heubach and SK Capital on this transaction. Homburger advised Clariant. Kirkland & Ellis advised SK Capital Partners on the deal.

The Heubach Group, in partnership with SK Capital, entered into a definitive agreement to acquire Clariant’s pigments business. The combined business will operate under the Heubach name, creating a global pigments leader generating more than EUR 900 million in annual sales.

The transaction values Clariant’s pigments business at approximately CHF 805 million, with additional consideration of CHF 50 million contingent on the 2021 financial performance of the business unit. As part of the transaction, Clariant will be reinvesting for a minority stake in the combined business, demonstrating its continuing commitment to the success of Clariant’s pigments business and the substantial growth opportunity in the combination with Heubach.

Headquartered in Langelsheim, Germany and with sites across Germany, US, and India and sales offices around the world, Heubach is a leading global producer of high-quality organic, inorganic and anticorrosive pigments and pigment preparations. Heubach has more than 200 years of experience in pigments production as one of the first-ever manufacturers of pigments. Heubach produces c. 35,000 tonnes of pigment volumes per year and employs over 1,000 people.

SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and pharmaceuticals sectors. The firm seeks to build strong and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth and profitability as well as lower operating risk. SK Capital’s portfolio of businesses generates revenues of approximately $11 billion annually, employs more than 16,000 people globally and operates 150 plants in 28 countries. The firm currently has greater than $5 billion of assets under management.

Clariant is a focused and innovative specialty chemical company based in Muttenz, near Basel/Switzerland employing more than 13,000 globally. The company reports in three business areas: Care Chemicals, Catalysis and Natural Resources.

The Lenz & Staehelin team was led by partner Tino Gaberthüel (Picture – Corporate/M&A) and includes partners Stephan Erni (Corporate/M&A), Beat Kühni (Real Estate), Marcel Tranchet (Finance), Astrid Waser (Competition) and Peter Ling (IP) as well as Iliana Djagova, Nicole Humbel, Eric Meier, Patrick Sattler, Xavier Grivel, Lisa Moser and Sven Infanger (all Corporate/M&A), Hannes Kieser (Finance), Sandro Travaglini (Antitrust), Elena Furlanetto (Employment/Pension), Leo Rusterholz, and Nadja Flühler (both Transitional Services, IT) and Vera Vallone (IP).

The Homburger team was led by partners Frank Gerhard and Daniel Hasler and comprised lead associate Stefan Blunschi, associates Carlo Sulser, Marc Schamaun, Nicola Togni, junior associates Lars Göldi, Rafael Winter, Severin Egloff, Luzius Kaufmann and Urs Stürmer (all Corporate / M&A), partners Marcel Dietrich, Richard Stäuber, counsel Andreas Burger, associates Allegra Arnold, Jonas Krull and Katharina Bratvogel (all Competition), partner Reto Heuberger, associates Marc Vogelsang and Arbnor Sheholli (all Tax), partner Gregor Bühler and associates Philippe Baumann and Daniel Lütolf (all IP / IT) as well as partner Jürg Frick (Financing and Investment Products).

The Kirkland team advising SK Capital was led by transactional partners Attila Oldag and David Holdsworth. The team also included transactional partners Christoph Jerger and Rachel Greenhalgh as well as associates Amelia Rolfe, Louis Hopson, Johannes Rowold and Joshua P. Cowin. Furthermore the team included debt finance partners Jocelyn A. Hirsch, Kirsteen Nicol, Thomas James Dobleman and John S. Kefer and associates Stefan Arnold-Soulby, Maurice Walsh and Bridget E. Hahn, antitrust and competition partners Thomas S. Wilson and Shane Cranley as well as associates Philipp Gnatzy and Sandeep Ravikumar, tax partners Timothy Lowe, Daniel Hiemer and Cian O’Connor.

Involved fees earner: Allegra Arnold – Homburger; Philippe Baumann – Homburger; Stefan Blunschi – Homburger; Katharina Bratvogel – Homburger; Gregor Bühler – Homburger; Andreas Burger – Homburger; Marcel Dietrich – Homburger; Severin Egloff – Homburger; Jürg Frick – Homburger; Frank Gerhard – Homburger; Lars Göldi – Homburger; Daniel Hasler – Homburger; Reto Heuberger – Homburger; Luzius Kaufmann – Homburger; Jonas Krull – Homburger; Daniel Lütolf – Homburger; Marc Schamaun – Homburger; Arbnor Sheholli – Homburger; Richard Stäuber – Homburger; Urs Stürmer – Homburger; Carlo Sulser – Homburger; Nicola Togni – Homburger; Marc Vogelsang – Homburger; Rafael Winter – Homburger; Stefan Arnold-Soulby – Kirkland & Ellis; Joshua Cowin – Kirkland & Ellis; Shane Cranley – Kirkland & Ellis; Thomas Dobleman – Kirkland & Ellis; Philipp Gnatzy – Kirkland & Ellis; Rachel Greenhalgh – Kirkland & Ellis; Bridget Hahn – Kirkland & Ellis; Daniel Hiemer – Kirkland & Ellis; Jocelyn Hirsch – Kirkland & Ellis; David Holdsworth – Kirkland & Ellis; Louis Hopson – Kirkland & Ellis; Christoph Jerger – Kirkland & Ellis; John Kefer – Kirkland & Ellis; Timothy Lowe – Kirkland & Ellis; Kirsteen Nicol – Kirkland & Ellis; Attila Oldag – Kirkland & Ellis; Cian O’Connor – Kirkland & Ellis; Sandeep Ravikumar – Kirkland & Ellis; Amelia Rolfe – Kirkland & Ellis; Johannes Rowold – Kirkland & Ellis; Maurice Walsh – Kirkland & Ellis; Thomas Wilson – Kirkland & Ellis; Iliana Djagova – Lenz & Staehelin; Stephan Erni – Lenz & Staehelin; Nadja Flühler – Lenz & Staehelin; Elena Furlanetto – Lenz & Staehelin; Tino Gaberthüel – Lenz & Staehelin; Xavier Grivel – Lenz & Staehelin; Nicole Humbel – Lenz & Staehelin; Sven Infanger – Lenz & Staehelin; Hannes Kieser – Lenz & Staehelin; Beat Kühni – Lenz & Staehelin; Peter Ling – Lenz & Staehelin; Eric Meier – Lenz & Staehelin; Lisa Moser – Lenz & Staehelin; Leo Rusterholz – Lenz & Staehelin; Patrick Sattler – Lenz & Staehelin; Marcel Tranchet – Lenz & Staehelin; Sandro Travaglini – Lenz & Staehelin; Vera Vallone – Lenz & Staehelin; Astrid Waser – Lenz & Staehelin;

Law Firms: Homburger; Kirkland & Ellis; Lenz & Staehelin;

Clients: Clariant AG; Heubach GmbH; SK Capital Partners;

Author: Federica Tiefenthaler