IMCD N.V., a distributor of specialty chemicals and food ingredients, announced that it signed an agreement to acquire pet food ingredient supplier E.T. HORN Company by purchasing 100 percent of the company’s outstanding shares. The acquisition will be paid from available cash and existing facilities.
According to an IMCD press release, HORN is an excellent fit with 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. The deal is subject to fulfilment of transaction related conditions and customary regulatory review.
Background of pet food ingredient supplier HORN
HORN was established in 1961 and is a 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 suppliers and is primarily focused on the West and Southwest regions of the US. In 2017, HORN generated revenue of US$276 million, a normalised EBITDA of US$12 million and has approximately 200 employees.
"HORN is a leading specialty distributor in the US with an excellent reputation,” Marcus Jordan, President of IMCD Americas, said in a press release. “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,” said Bob Ahn and Jeff Martin, board members of HORN.