Specialty Chemicals M&A – H1 2026
Are chemicals buyers finally “looking through the trough”? CFI’s Specialty Chemicals Global Market Review for H1 2026 covers trading multiples, transaction activity and regional trends across India, Europe, the United States and China. It points to a clear turn in sentiment: buyers have stopped waiting for a broad economic recovery and are deploying capital into high-value segments, while discounting assets tied to weak consumer or construction demand.
Specialty chemicals deal volume eased to 151 announced transactions, but the median disclosed EV/EBITDA multiple recovered to 12.9x, as buyers apply a narrower quality filter and pay up for assets that pass it.
Key takeaways from the H1 2026 review include:
- Fewer deals, higher multiples: Specialty chemicals transactions fell to 151 from 166 in H2 2025, while the median EV/EBITDA multiple rose to 12.9x from 11.0x (about +17%), still below the nine-semester mean of 13.7x
- Trading multiples re-rated: Median TEV/EBITDA rose 9.1% year on year to 10.7x and median TEV/Revenue 2.7% to 1.6x, with seven of nine sub-sectors higher on TEV/EBITDA. The sharpest move was in Commodity Chemicals (+43% to 9.6x), as investors anticipate a cost-curve reset
- Basic chemicals under pressure: Deal volume held steady at 132 transactions, but the median EV/EBITDA fell to 9.1x, the lowest in nine semesters, amid structural overcapacity, higher European energy costs and higher long-term interest rates
- Regional divergence: India is the specialty and “China+1” magnet, Europe is driven by carve-outs and balance sheet clean-ups, the US attracts premium private equity capital, and China is consolidating in basic petrochemicals
- Preparation is the differentiator: Normalised earnings, a credible stand-up plan and early clarity on transitional services and stranded costs separate the processes that clear from those that stall. The carve-out pipeline in coatings, advanced materials and nutrition should keep supplying deal flow
The review also presents CFI’s latest transactions, including Peter Lacke’s acquisition of Rickert Coatings, Germany.
Read about this and more in the full report below:
