M&A · Industrials · Electric Lighting & Wiring Equipment
KKR & Co. Inc. to acquire Chase Corp
Announced Jul 21, 2023 · Closed Nov 15, 2023
Deal value$1.30BEV $1.35B
Premium3.6%To unaffected price
EV / Adj. EBITDA14.3x3.4x EV / Revenue
ConsiderationAll cash$127.50 per share
Transaction
- Acquirer
- KKR & Co. Inc. (KKR)
- Target
- Chase Corp
- Buyer type
- Private equity
- Offer price per share
- $127.50
- Enterprise value
- $1.35B
- Status
- Closed Nov 15, 2023
Deal protections
- Break fee (target pays)
- $42.0M · 3.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Perella Weinberg
- Perella Weinberg fee
- $17.7M
Sector context · Industrials
- Comparable deals
- 71 in the prior 24 months
- Premium
- 3.6% vs. 49.0% sector median
- EV / Adj. EBITDA
- 14.3x vs. 11.1x sector median
- Break fee
- 3.2% vs. 2.8% sector median
Timeline
- AnnouncedJul 21, 2023
- Proxy filedAug 21, 2023
- Definitive proxyAug 31, 2023
- Shareholder voteOct 6, 2023
- ClosedNov 15, 2023
Valuation · fairness opinions
Trading comparables$106.77$127.42
Precedent transactions$106.77$127.42
Sum of the parts$98.05$118.71
Discounted cash flow$118.41$151.67
Offer $127.50
Implied value per Chase Corp share by analysis, from Perella Weinberg · DCF discount rate 9%–10%.