09 Aug 2018 --- IMCD N.V. (IMCD), a distributor of specialty chemicals and food ingredients, has completed the acquisition of 100 percent of the outstanding shares of US specialty chemicals distributor E.T. Horn Company (Horn). IMCD initially announced the agreement on the purchase of Horn in June.
Horn is an excellent fit for IMCD’s US activities and supports the strategy of offering to its suppliers and customers an organization with national US coverage and dedicated segment expertise, according to IMCD.
Horn was established in 1961 and is a leading specialty chemicals distributor in the US with a focus on coatings, construction, plastics, personal care, human food and nutrition, animal nutrition, nutraceuticals and other specialties.
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 US. In 2017, Horn generated revenues of US$276 million, a normalized EBITDA of US$12 million and has approximately 200 employees.
Marcus Jordan, President of IMCD Americas, comments: “Horn is a leading specialty distributor in the US with an excellent reputation. There is a very good fit between Horn and our current US organization 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.”
“Horn and IMCD have similar strategies and cultures and we look forward to working together to expand our business in the US further,” Bob Ahn and Jeff Martin, Board Members of Horn, said in a statement.
The acquisition will be paid from available cash and existing facilities, according to IMCD.
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