Heubach Partners with SK Capital to Drive Next Phase of Growth for Clariant’s Pigments Business


The Heubach Group, in partnership with SK Capital Partners (“SK Capital”), has announced a definitive agreement to acquire Clariant’s Pigments Business. The combined business will operate under the Heubach name, creating a global pigments leader generating more than €900M in annual sales.

The transaction values Clariant Pigments at approximately CHF805M, with additional consideration of CHF50M contingent on the 2021 financial performance of the business unit. As part of the transaction, Clariant will be reinvesting for a minority stake in the combined business, demonstrating its continuing commitment to the success of Clariant Pigments and the substantial growth opportunity in the combination with Heubach.

Heubach is a leading global producer of organic, inorganic, and non-toxic anti-corrosive pigments, operating four global production locations and employing approximately 1000 people. Clariant Pigments is a leading global provider of organic pigments, pigment preparations and dyes, operating 13 global production sites and employing approximately 1900 people.

The combination of Heubach and Clariant Pigments is expected to be highly synergistic, and creates a diversified pigments player that will enhance Heubach’s and Clariant Pigments existing positions. The businesses share a complementary product portfolio and a regionally compatible asset footprint, which will allow for an expanded product range and wider geographical coverage to better serve customers. The combined business will continue to prioritise innovation, quality, technical service and product development in order to provide an enhanced value proposition for its customers.

Johann Heubach, Chief Executive Officer of the Heubach Group, noted: “We have been in pigments for more than 200 years. My late father and I set out to drive consolidation in the pigments industry, and the combination of Heubach and Clariant Pigments is a major milestone in this vision. We are extremely excited to have gained SK Capital as a partner and we are eagerly looking forward to capitalising on their expertise in integrating and operating businesses in the global chemical industry. The fit between Heubach and Clariant Pigments is perfect. The combination of industry leading technologies, a product portfolio serving a wide range of customer requirements and global production and service footprint will give the newly formed Heubach Group the ability to serve our global customer base in the coatings, plastics, inks and specialty applications fields with industry leading products and services.”

Aaron Davenport, a Managing Director of SK Capital, noted: “Clariant Pigments is a premier global colourant solutions provider and, together with our new partners, the Heubach Group and Clariant, we see a tremendous opportunity to create significant value for all stakeholders.”

Conrad Keiijzer, Chief Executive Officer of Clariant, noted: “We are pleased to announce the agreement with Heubach and SK Capital for the sale of our pigments business. We are confident that with Heubach and SK Capital, we have found the right new owners of this business, for our customers, our colleagues and our other stakeholders.”

Closing of the transaction is subject to customary conditions and approvals and is expected to take place in the first half of 2022. The Valence Group of Piper Sandler & Co., BofA Securities and Citi served as financial advisors to Heubach and SK Capital. Committed financing for the transaction was provided by BofA Securities and Citi. Lenz & Staehelin AG and Kirkland & Ellis LLP acted as legal counsel to Heubach and SK Capital. Milbank LLP acted as legal counsel to Heubach. Homburger AG acted as legal counsel to Clariant and Deutsche Bank AG served as Clariant’s financial advisor.


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