KKR Takes Chemical Maker Chase Private in $1.3B Deal

Private equity firm KKR & Co announced its decision to acquire specialty chemicals products maker Chase in an all-cash take-private deal valued at around $1.3 billion, including debt.

KKR will pay $127.50 per share for all outstanding shares of Chase stock. The transaction implies an approximately 13 times trailing-twelve-months EBITDA valuation.

KKR is making its investment through its North America Fund XIII. The move marks a significant expansion for the firm into the chemicals industry and an opportunity for Chase to leverage its resources and expertise to expand growth. Recent investments by KKR include Minnesota Rubber and Plastics, Charter Next Generation and Hyperion Materials & Technologies.

“Over its nearly 80-year history, Chase has established itself as a leader in highly engineered protective materials and built a portfolio of trusted brands, while delivering outstanding customer service,” said Josh Weisenbeck, a KKR Partner who leads the Industrials investment team.

The deal is expected to close in the fourth quarter of 2023.

Perella Weinberg Partners LP and Davis Polk & Wardwell LLP are serving as advisors to Chase. KKR is advised by Goldman Sachs and Kirkland & Ellis LLP.