Clariant completes the sale of its pigments business. The advisors

Clariant has completed the sale of its pigments business to a consortium of Heubach Group and SK Capital Partners and reinvested approx. CHF 115 million of the purchase price to become a 20% shareholder alongside Heubach Group and SK Capital Partners in the ultimate holding company of the combined Clariant-Heubach Pigments Group. The combined business will be a global pigments player with approximately 3,000 employees generating approx. EUR 1 billion in annual sales. 

The enterprise value of the sold Clariant Pigments business amounts to approximately CHF 805 to 855 million on a cash and debt free basis (depending on an earn-out payment of CHF 50 million contingent on the 2021 financial performance of the Clariant Pigments business). Clariant’s net cash inflow after the rollover and initial debt adjustments, but before the closing account adjustments, taxes, transaction costs and the potential earn-out payment, amounts to approximately CHF 615 million. 

The advisors

Homburger acted as global lead counsel to Clariant in the sale of its pigments business and its reinvestment in the combined Clariant-Heubach Pigments Group. The Homburger team was co-led by partners Daniel Hasler (pictured left) and Frank Gerhard (pictured center). The team also comprised lead associate Stefan Blunschi, associates Carlo Sulser and Jasmin Künzle, junior associates Lars Göldi and Luca Ellenberger (all corporate / m&a), partners Marcel Dietrich, Richard Stäuber, counsel Andreas Burger, associates Allegra Arnold, Jonas Krull and Katharina Bratvogel, and junior associate Matthias Müller (all Competition), partner Reto Heuberger and associates Arbnor Sheholli and Philippe Weber (all Tax) as well as partners Gregor Bühler and Luca Dal Molin, and associate Philippe Baumann (all IP / IT). 

Lenz & Staehelin advised Heubach and SK Capital on this transaction. The team was led by Tino Gaberthüel (corporate/m&a, pictured right) and included Stephan Erni, Iliana Djagova, Nicole Humbel, Patrick Sattler, Xavier Grivel, Till Haechler (all corporate/m&a), Beat Kühni (real estate), Marcel Tranchet, Kilian Keller (both finance), Astrid Waser, Sandro Travaglini (both competition), Peter Ling, Vera Vallone (both IP), Elena Furlanetto (employment/pension), Leo Rusterholz and Nadja Flühler (both transitional services, IT).