Stone Canyon Industries Holdings LLC (SCIH) acquired K+S Aktiengesellschaft’s Americas salt business, including Morton Salt.
The acquisition will be integrated into SCIH's Kissner Group Holdings, which SCIH acquired in 2020. Kissner is a leading pure-play producer and supplier of salt in North America. Headquartered in Overland Park, Kansas, Kissner produces bulk salt, specialty salt and evaporated salt for consumers, governmental and commercial customers across the United States and Canada.
The K+S Americas operating unit mainly comprises K+S Chile, formerly known as the Chilean company SPL, acquired by K+S in 2006, as well as Morton Salt (USA) and Windsor Salt Ltd. (Canada), acquired in 2009. Morton has more than 3,500 employees located in the U.S. and worldwide. Also, K+S Peru is part of the Americas salt business.
This transaction was complex due to the several jurisdictions involved in the Americas salt business and the analysis of the proposed structure of corporate reorganization to exclude any company part of the K+S group that was not under the scope of the
transaction. The information and analysis provided by all the legal counsels to SCIH in connection with the due diligence were considered by SCIH to submit a final, binding, fully financed and unconditional offer for the transaction.
Further, the complexity of this transaction was high due to the financing provided by a syndicated loan to SCIH.
The sales price (enterprise value) amounts to USD 3.2 billion and represents 12.5 times the 2019 EBITDA of USD 257 million.
Advisors of the buyer:
Rebaza Alcazar & de las Casas: Alberto Rebaza (Senior Partner); Daniel Gonzáles (Partner) and Josefina Arana (Associate).