Anupam Rasayan India Ltd., a leading custom synthesis manufacturer of specialty chemicals, today announced the signing of a definitive agreement to acquire 100% equity stake in U.S. based Jayhawk Fine Chemicals Corporation.
Jayhawk, which is part of the CABB group, is being acquired for a purchase consideration of approximately $150 million.
The transaction represents a transformative step in Anupam Rasayan’s long-term strategy to expand its global Contract Development and Manufacturing Organisation (CDMO) presence and establish a strong foothold in the U.S. specialty chemicals market.
The acquisition marks Anupam’s entry into onshore manufacturing in the United States, providing immediate access to key end-markets and leading multinational customers.
Jayhawk, founded in 1941 and headquartered in Galena, Kansas, USA, specializes in the custom manufacturing of advanced intermediates and high-performance materials.
Approximately 65% of Jayhawk’s revenue is generated from performance materials, serving global companies in polymers, electronics, and energy & infrastructure, with the majority of revenue sourced from U.S. markets.
The deal will significantly boost Anupam’s polymer portfolio by adding high-value dianhydrides and polyimide intermediates, which have critical applications across semiconductors and high-performance materials.
Financially, the purchase consideration covers the equity value of Jayhawk and existing loans payable to exiting shareholders. Considering approximately $16 million of cash and cash-like items held by Jayhawk as of June 2025, the acquisition translates to an enterprise value of around $134 million. Based on Jayhawk’s CY24 revenues of ~$78 million and adjusted EBITDA of ~$15 million, the deal reflects an EV to EBITDA multiple of roughly 9x.
Anupam Rasayan anticipates the acquisition will be EPS accretive and plans to finance it through a combination of internal accruals, debt, and quasi equity from a leading global investment management firm.
The synergy between Jayhawk’s technologically advanced operations and Anupam’s cost-efficient, backward-integrated manufacturing base in India will create a powerful dual-site model.
This integration will allow Anupam to move forward in the value chain, manufacturing key N-1 molecules for critical sectors, following the systematic strengthening of its value chain which began with the acquisition of Tanfac to secure raw material sourcing.
Anand Desai, Managing Director, Anupam Rasayan India Ltd., commented that the acquisition strengthens the company’s global footprint and positions it closer to strategic customers in developed markets.
Tobias Schalow, CEO of the CABB Group, noted that the transaction marks a strategic step for CABB to shift away from industrial applications, electronics, and semiconductors, expressing confidence that Anupam is “perfectly positioned for long-term growth with the Jayhawk team”.
The Press Release was signed by Anand Desai, Managing Director. This disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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