M&A · Energy · Agricultural Chemicals
Paine Schwartz Partners, LLC to acquire AgroFresh Solutions, Inc.
Announced Nov 21, 2022 · Closed Mar 31, 2023
Deal value$159MEV $380M
Premium91.0%To unaffected price
EV / Adj. EBITDA6.3x2.2x EV / Revenue
ConsiderationAll cash$3.00 per share
Transaction
- Acquirer
- Paine Schwartz Partners, LLC
- Target
- AgroFresh Solutions, Inc.
- Buyer type
- Strategic
- Offer price per share
- $3.00
- Enterprise value
- $380M
- Status
- Closed Mar 31, 2023
Deal protections
- Break fee (target pays)
- $15.0M · 9.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Evercore
- To the target
- Perella Weinberg
- Perella Weinberg fee
- $4.0M
Sector context · Energy
- Comparable deals
- 40 in the prior 24 months
- Premium
- 91.0% vs. 28.6% sector median
- EV / Adj. EBITDA
- 6.3x vs. 12.8x sector median
- Break fee
- 9.4% vs. 2.6% sector median
Timeline
- AnnouncedNov 21, 2022
- Proxy filedDec 21, 2022
- Definitive proxyMar 10, 2023
- Shareholder voteMar 30, 2023
- ClosedMar 31, 2023
Valuation · fairness opinions
Trading comparables$1.47$2.56
Trading comparables$1.19$3.31
Discounted cash flow$0.65$2.71
Discounted cash flow$0.40$1.66
Discounted cash flow$1.05$4.37
Offer $3.00
Implied value per AgroFresh Solutions, Inc. share by analysis, from Perella Weinberg · DCF discount rate 13%–15.5%.