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Clariant Completes Sale of Its Pigments Business

January 10, 2022 BeautyMatter
January 10, 2022
Anne Nygård via Unsplash

The Heubach Group, a leading global producer of pigments, and SK Capital Partners, a private investment firm focused on the specialty materials, chemicals, and pharmaceuticals sectors, acquired Clariant's Global Colorants business.

WHO: Clariant is a focused, sustainable, and innovative specialty chemical company that reports in three business areas: Care Chemicals, Natural Resources, and Catalysis.

With a tradition of delivering excellence that stretches back over 200 years, Heubach is a global industry leader in the field of pigments, pigment preparations, dyes, colorants, and specialty materials. Heubach has a global manufacturing footprint including 19 facilities around the globe and generates approximately €1 billion in annual sales.

WHY: Clariant's Global Colorants business will operate under the Heubach brand, creating a global pigment technology and industry leader. Clariant intends to use the proceeds of the divestment to invest in growth projects within the core business areas, execute the strategy along sustainability and innovation, fund the performance improvement programs, and strengthen Clariant's balance sheet to reach and defend a solid investment rating.

IN THEIR OWN WORDS: "The Pigments divestment concludes Clariant's transformation into a high-value specialty chemical company, allows us to invest in profitable growth in our most attractive segments and to address the increasing demand for more sustainable products," said Conrad Keijzer, Chief Executive Officer of Clariant. "We are convinced that the Heubach and SK Capital consortium is the best owner of the Pigment activities and I wish our former colleagues all the best in their new environment. Clariant looks forward to participating in the group's further development as a shareholder."

Johann Heubach, of the Heubach Group, stated, "The new Heubach is a world-class organization with great talent, technology and assets. For us, product excellence and sustainability are core. We are well-positioned to create significant value for our customers and business partners across the many industries we serve."

Aaron Davenport, a Managing Director of SK Capital, noted, "The combination of Heubach and Clariant Pigments creates an industry leader committed to the highest standards in manufacturing, quality and service. We look forward to supporting management in the growth and improvement of the Company by investing into talent, innovation and market expansion."


  • The Heubach Group and SK Capital Partners acquired Clariant's Global Colorants business.
  • The combined business will operate under the Heubach brand, creating a global pigment technology and industry leader.
  • Clariant retains a 20% stake in the newly formed group, allowing Clariant to further benefit from the improving profitability of the Pigments business, participating in future growth opportunities, and realizing synergies via the business combination.
  • Stefan Doboczky has been named CEO of the Heubach Group.
  • The Valence Group of Piper Sandler & Co., BofA Securities, and Citigroup served as financial advisors to Heubach and SK Capital. Committed financing for the transaction was provided by BofA Securities, Citigroup, HSBC, KeyBanc, Citizens, ING, and MUFG. 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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