Anupam Rasayan Acquires Jayhawk Fine Chemicals for $150M
Filing Summary
Anupam Rasayan India Ltd. has completed the acquisition of a 100% equity stake in Jayhawk Fine Chemicals Corporation, a U.S.-based specialty chemical company, for approximately $150 million. The acquisition was financed through a combination of $109 million in Class B non-voting shares and $41 million in debt. Jayhawk, part of the CABB Group, will be fully consolidated with Anupam Rasayan. The acquisition is expected to enhance Anupam’s specialty chemicals platform and expand its global footprint. The transaction was advised by Rothschild & Co and Piper Sandler.
Anupam Rasayan India Ltd. has announced the completion of its acquisition of a 100% equity stake in Jayhawk Fine Chemicals Corporation. The transaction, valued at approximately $150 million, was executed through Anupam’s wholly owned subsidiary, Doriath S.à r.l. Jayhawk, a U.S.-based specialty chemical company, is part of the CABB Group. The acquisition aligns with Anupam’s strategy to expand its specialty chemicals platform.
The acquisition was financed through a combination of $109 million via the issuance of Class B non-voting shares by Doriath S.à r.l. and $41 million in debt. Funding sources included $129 million from Altis XII Pte. Ltd., an affiliate of funds managed by Oaktree Capital Management, and $21 million from Axis Bank. The transaction is structured to be EPS accretive for Anupam Rasayan.
Jayhawk specializes in the custom manufacturing of advanced intermediates, active ingredients, and high-performance materials. The company operates a manufacturing site in Galena, Kansas, equipped with multipurpose plants, pilot facilities, and modern analytical R&D labs. Jayhawk’s capabilities include executing complex chemistries such as halogenation, oxidation, nitration, and phosphorus chemistry. Approximately 65% of Jayhawk’s revenue is derived from performance materials, primarily serving the electronics, energy, infrastructure, aerospace, and polymer sectors in the U.S. market.
Founded in 1941, Jayhawk has established a reputation for high-quality and technically sophisticated manufacturing. The acquisition will enable Anupam Rasayan to integrate Jayhawk’s operations, enhancing its global footprint and positioning it closer to strategic customers in developed markets. The transaction also aims to create a strong integrated platform combining Tanfac Industries, Anupam Rasayan, and Jayhawk, facilitating cross-selling opportunities and operational synergies.
The acquisition was completed on February 27, 2026. Rothschild & Co acted as the exclusive financial advisor to Anupam Rasayan, while Piper Sandler advised the CABB Group. The transaction marks a significant milestone in Anupam’s long-term strategy of building a differentiated, innovation-led global specialty chemicals platform.
Anupam Rasayan India Ltd. is a leading company engaged in the custom synthesis and manufacturing of specialty chemicals in India. Established in 1984, Anupam operates in two verticals: life science-related specialty chemicals and other specialty chemicals. The company serves a diverse base of Indian and global customers, including multinational companies, through its six manufacturing facilities in Gujarat, India.