Iberian M&A Overview

Chemical Industry

1H 2020

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Agrochemicals:

Rovensa acquires Grupo Agrotecnología [cross-border]

Rovensa, S.A., a Portugal-based agricultural company, has acquired in March 2020 Grupo Agrotecnologia, Ltd., a Spain-based company engaged in research, development, manufacture and marketing of products for theprotection and nutrition of agricultural crops, for an undisclosed consideration.

The transaction will bring together two main strengths: innovative solutions for organic cultivation from Rovensa plant extracts and Agrotecnologia’s vast experience in microbial-based bioinsecticides. It will provideAgrotecnologia with the opportunity to expand its commercial footprint. It will also allow Agrotecnologia to balance the expansion of its brand and technologies.

Idai Nature acquires Agrichem and Evenagro [domestic]

Idai Nature Ltd., a Spanish innovative agricultural company, has acquired in February 2020 Agrichem Bio, S.A, a Spain-based company providing biological plant protection solutions, and Evenagro LTD., a Spain-basedfertilizer company, for an undisclosed consideration.

The acquisition will enable Idai to provide environmentally friendly and sustainable agricultural solutions. Agrichem will be integrated into Idai Nature’s biocontrol business unit.

Flavours& fragances:

Mr. Josep Martí acquires a 36% stake in Grup Lasem [domestic]

Mr. Josep Martí has acquired in January 2020 a 36% stake in Grup Lasem Gestio Ltd., a Spain-based company engaged in the manufacturing and distribution of chemicals and food products from Mr Josep Betriu, for anundisclosed consideration.

Mr Josep Martí being the existing shareholder of Grup Lasem intends to strengthen his controlling interest in Grup Lasem through this transaction.

Iberchem acquires Duomei and Flavor Inn Corporation [cross-border]

Iberchem, a manufacturer of fragrances and food additives based in Murcia, acquired in February 2020 two companies in Asia:

• Duomei, is a manufacturer of flavors for the food industry based in China.

• Flavor Inn Corporation, also dedicated to the creation and production of flavors for the food industry, is based in Malasia. The company operates in the Southeast Asian region and specializes in the development ofnatural and artificial flavors for beverages, savory, bakery and dairy products and confectionery.

This document contains general information obtained from public sources and does not constitute a professional opinion or advice

Iberian M&A Overview – Chemical industry – 1H 2020 Selected operations

Sr. Josep Martí

Sr. Josep Betriu

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Detergents:

Unecol Adhesive ideas acquires Chubb [domestic]

Unecol Adhesive Ideas Ltd., a company dedicated to the manufacture of adhesives based in Valencia, Spain, has acquired in January 2020 Chubb SL, a company based in Murcia, Spain, dedicated to the manufacture andmarketing of cleaning products for domestic and professional use, for an amount that has not been disclosed.

The objective, according to Unecol, is to take advantage of the international presence of the acquired firm, as well as its recognition as a producer of Mdd for distribution chains such as Consum, Carrefour, El Corte Inglés orAlcampo.

Químicas Oro acquires the Brand Mistol [domestic]

Químicas Oro, a Spanish manufacturer of products controlled by the French company Altaïr (which is in turn controlled by the private equity firm Motion Equity Partners), has acquired in February 2020 the Spanish brandMistol from the German company Henkel, for a undisclosed amount.

The Mistol company was born in 1953 and was the first dishwasher packaged in a glass bottle, instead of being sold in bulk.

After the operation, Químicas Oro plans to reinforce the brand and its strategy of growing in different categories in Spain and abroad.

Regoldi acquires Biosog [domestic]

Regoldi, a Portugal-based company specializing in the marketing of chemical compounds, has acquired in June 2020, Biosog, a Portuguese detergent producer held by Trivalor, for about EUR 2.2 million.

Biosog is an industrial company specialized in the production of detergents and cleaning products for the professional market. The company produces products for the following categories: manual and mechanical washingdishes, disinfection, degreasing, surface cleaning, hand hygiene and cleaning of sanitary facilities.

Distribution:

Optima Energy Spain acquires a 80% stake in Asfaltos de Arinaga [domestic]

Optima Energy Spain, a company specialized in the chemical sector based in Spain, has acquired in May 2020 Asfaltos de Arinaga, a company based in Gran Canaria dedicated to operating a liquid bulk terminal (asphaltbitumen and emulsion) in the Port of Arinaga, for an amount of EUR 1.6 million.

Iberian M&A Overview – Chemical industry – 1H 2020 Selected operations

This document contains general information obtained from public sources and does not constitute a professional opinion or advice

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Specialties:

Rhône Capital agrees to increase its stake in Maxam to 71% [cross-border]

Rhône Capital, a US private equity firm, has agreed in May 2020 to increase its stake in Maxam to 71%, through the acquisition of an additional 26% of the company, for an amount that has not been made public.

Maxam, based in Madrid, is a company specialized in the design, development, manufacture and application of energy materials, which structures its activity in four business units: blasting solutions for mining, quarries andcivil works; cartridges and gunpowder for use in hunting and sport shooting; products and systems for the defense and security sector; and production of key raw materials in the nitrochemical activity.

The operation has been authorized by the European Commission.

Cepsa acquires a 40% stake in Sorexi and Bitulife [cross-border]

Cepsa, a Spanish oil company controlled by the Arab Mubadala, has acquired in June 2020 40% of the companies Sorexi and Bitulife, based in Morocco, from Madjaline Holding, for an amount that has not been made public.

Sorexi is an operating company in the road bitumen and emulsion market. Bitulife is a company specialized in the manufacture of waterproof products for the road and building construction sector.

Cepsa carries out the acquisition with the aim of consolidating its position in the Moroccan market.

RNM Group acquires Rivaz [domestic]

RNM Group, a Portuguese operator of chemicals, has acquired in February 2020, Rivaz Química, a Portuguese specialist in acrylic chemistry and associated technologies.

Rivaz operates in the commercialization and distribution of chemical products for industry, mainly in the sectors of water treatment, mining, textiles, leather, paper and construction. In 2018 achieved revenues around EUR 9million.

Giovanni Bozzetto acquires Asutex [cross-border]

Giovanni Bozzetto SpA, an Italy-based producer of chemical auxiliaries, has acquired in January 2020 Aplicacion y Suministros Textiles S.A. (Asutex), a Spanish company engaged in manufacturing of chemicals for textileindustries, for undisclosed consideration.

Giovanni Bozzetto and Aplicacion y Suministros Textiles will compliment each other in product range & geographical coverage. Both entities will operate independently and utilize common synergies in production, know-how & market segments.

The acquisition will also strengthen Asutex' position in the textile chemicals industry. Asutex reported revenues of EUR 45m in 2019 and has production plants in Spain, Morocco, Colombia, China and Malaysia.

Iberian M&A Overview – Chemical industry – 1H 2020 Selected operations

This document contains general information obtained from public sources and does not constitute a professional opinion or advice

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Selected European companies

Financial data and valuation multiples of public companies

Source: Bloomberg.

This document contains general information obtained from public sources and does not constitute a professional opinion or advice

SECTOR COMPANYTotal revenue EBITDA EBITDA margin EV/Total revenue EV/EBITDA

LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1

Agrochemicals

YARA INTL ASA 11.013 10.278 1.830 1.857 16,6% 18,1% 1,1x 1,2x 6,7x 6,6x

OCI NV 2.866 2.762 636 740 22,2% 26,8% 2,4x 2,6x 11,4x 9,8x

ERCROS 616 - 50 - 8,1% - 0,5x - 6,1x -

Median 16,6% 22,4% 1,1x 1,9x 6,7x 8,2x

Flavour & fragances

GIVAUDAN-REG 5.862 5.993 1.235 1.319 21,1% 22,0% 5,9x - - -

SYMRISE AG 3.537 3.619 741 781 20,9% 21,6% 4,5x 4,9x 24,0x 22,8x

ROBERTET SA 554 - 93 - 16,8% - 3,8x - 26,6x -

Median 20,9% 21,8% 4,5x 4,9x 25,3x 22,8x

Inks & Coatings

AKZO NOBEL 8.685 8.447 1.180 1.335 13,6% 15,8% 2,0x 2,2x 15,5x 13,7x

TIKKURILA OYJ 570 569 82 85 14,4% 15,0% 1,1x 1,3x 9,4x 9,0x

FLUEGGER GROUP 254 - 28 - 11,2% - 0,6x - 6,9x -

Median 13,6% 15,4% 1,1x 1,8x 9,4x 11,3x

Carbon & composite materials

MORGAN ADVANCED 1.142 1.046 114 148 10,0% 14,1% 0,9x 1,0x 8,8x 6,8x

SGL CARBON SE 982 909 7 81 0,7% 9,0% 0,7x 0,8x 99,9x 8,7x

SCHWEITER TEC-BR 1.042 1.033 122 128 11,7% 12,4% 1,4x 1,6x 13,6x 12,9x

GURIT HOLDING-BR 530 546 64 71 12,1% 12,9% 0,8x 1,6x 13,4x 12,1x

Median 10,4% 11,6% 0,9x 1,3x 15,9x 10,0x

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Selected European companies

Financial data and valuation multiples of public companies

This document contains general information obtained from public sources and does not constitute a professional opinion or advice

Source: Bloomberg.

SECTOR COMPANYTotal revenue EBITDA EBITDA margin EV/Total revenue EV/EBITDA

LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1

Specialties

EVONIK INDUSTRIE 12.585 12.237 1.918 1.895 15,2% 15,5% 1,1x 1,1x 7,3x 7,4x

JOHNSON MATTHEY 16.676 4.955 648 643 3,9% 13,0% 0,3x 1,4x 10,6x 10,7x

CLARIANT AG-REG 3.811 3.619 563 562 14,8% 15,5% 1,9x - - -

ELEMENTIS PLC 733 640 65 118 8,9% 18,4% 1,2x 1,4x 14,1x 7,8x

Median 11,8% 15,5% 1,1x 1,4x 10,6x 7,8x

Distribution BRENNTAG AG 12.409 11.710 1.026 1.014 8,3% 8,7% 0,7x 0,9x 10,6x 10,7x

Median 8,3% 8,7% 0,7x 0,9x 10,6x 10,7x

Polymers

EMS-CHEMIE HLDG 1.707 1.661 - 531 - 32,0% 9,2x 11,1x - 34,7x

HEXPOL AB 1.381 1.289 191 198 13,8% 15,3% 1,7x 2,1x 14,5x 14,0x

VICTREX PLC 343 295 140 107 40,9% 36,3% 5,5x 6,3x 13,2x 17,4x

Median 27,4% 32,0% 5,5x 6,3x 13,9x 17,4x

Diversified chemicals

SOLVAY SA-A 10.513 9.096 1.101 1.838 10,5% 20,2% 1,2x 1,5x 12,2x 7,3x

WACKER CHEMIE AG 4.693 4.564 644 570 13,7% 12,5% 0,8x 1,1x 7,6x 8,6x

CRODA INTL. 1.523 1.482 422 434 27,7% 29,3% 5,5x 6,4x 22,4x 21,8x

Median 13,2% 22,4% 1,4x 1,5x 12,5x 6,8x

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