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Element Solutions Inc , a global and diversified specialty chemical technology company, announced today that it has signed a definitive agreement to acquire EFC Gases & Advanced Materials (“EFC”) for approximately 12x forecasted 2026 adj. EBITDA in cash, subject to adjustments. The transaction is expected to be completed by the end of 2025, subject to certain regulatory approvals and customary closing conditions.
EFC provides high-purity specialty gases and other advanced materials to a range of fast-growing and highly complex industries, including semiconductor manufacturing, aerospace, and electrical infrastructure. EFC’s commitment to excellence is underscored by rigorous global sourcing standards and state-of-the-art metrology processes, ensuring unparalleled product purity and integrity. Additionally, EFC offers tailored gas recovery and recycling systems, helping clients achieve new levels of operational efficiency and sustainability. The business has grown at a revenue CAGR in excess of 15% since 2009 with growth accelerating this year primarily in semiconductor applications. EFC has grown the number of semiconductor product qualifications in its portfolio by more than 40% since 2023.
Chief Executive Officer Benjamin Gliklich said, “EFC is an outstanding business. It offers a highly specialized portfolio of products and solutions that support the fastest growing end-markets in the physical economy. Their focus on niche, high value products and people-centricity have yielded remarkable momentum and a pipeline of customer qualifications that we anticipate will translate into substantial earnings growth. With roughly 40% of sales generated from semiconductor markets and 30% from satellite and space applications, EFC will bring valuable new growth vectors for our company while also fitting nicely with our customer footprint and culture. We are excited to welcome Pavel Perlov and the outstanding EFC team into the Element Solutions family and looking forward to capitalizing on our combined capabilities.”
Pavel Perlov, President and Chief Executive Officer of EFC added, “We are honored to join Element Solutions, representing a major milestone in EFC’s continued growth and commitment to excellence. This partnership marks a significant step forward for our team and valued customers. With our shared vision for successful growth and our combined strengths, we will accelerate innovation and deliver even greater value to our customers as well as the markets we serve. I am incredibly proud of what we have built and energized about the opportunities ahead as part of this new chapter in our growth.”
Financial Details
ESI expects EFC to contribute approximately $30 million to its adjusted EBITDA in 2026. The transaction is expected to be funded using a combination of cash on hand and incremental debt.
As previously announced, on October 28, 2025, the Company also signed a definitive agreement to acquire Micromax from Celanese Corporation which is expected to contribute approximately $40 million to ESI’s adjusted EBITDA on a full-year basis at accretive metals-adjusted margins.
Together, the EFC and Micromax transactions are expected to be over 7% accretive to ESI’s adjusted earnings per share in 2026. On a pro forma basis reflecting both transactions, the Company’s net debt to adjusted EBITDA ratio at year end 2025 would be under 3.0x.
