* Haas could be valued at about 9x EBITDA
* Sale process began months ago
* Jordan Co declines to comment
By Steve Gelsi and David Toll
NEW YORK, Dec 6 (Buyouts Magazine) - Jordan Company has placed Haas Group International on the selling block in a deal that could value the chemical management company at about $700 million, according to people familiar with the transaction.
Three sources told Buyouts the company is for sale, with the deal at least several months old. Richmond, Va-based Harris Williams is serving as sell-side advisor.
Documents for intention of interest were due last month, and a deal could be crafted in the next several weeks after due diligence with a lead bidder possibly taking place now, sources said.
Jordan Co purchased the company at the end of 2007 for an undisclosed sum. The buyout shop could attract an offer from another financial sponsor.
One dealmaker speculated that Haas Group’s EBITDA of about $75 million would value the company at as much as $675 million to $700 million, based on 9x multiples often paid for successful companies in the chemical management space.
Another source estimated EBITDA of about $50 million for the company, which would value it in the neighborhood of $500 million. The company has not publicly released any financial information recently.
An independent, fully-integrated provider of chemical management services, Haas Group manages all or parts of the chemicals and gases supply chain for customers in the aerospace, automotive, electronics, metals, food and beverage sectors, as well as the U.S. Energy and Defense departments.
In June, CIT Group announced that it had arranged a $210 million credit facility for Haas Group for a refinancing.
Jordan Company and a spokesperson for Haas Group did not return phone calls or emails from Buyouts. The New York-based buyout shop’s Resolute Fund LP closed the deal to buy Haas on Dec. 31, 2007, in a move to expand its chemical management service platform.
On Oct. 30, 2012, Haas Group announced the acquisition of Scotland-based Fasteq, a supply chain specialist for major manufacturers, for an undisclosed sum.
Haas Group bills itself as the largest independent buyer and inventory manager of aerospace chemicals in the world.