Europe-based specialty chemicals distributor Azelis Holding SA is being sold by its private equity owners 3i Group plc to another private investment outfit, Apax Partners LP.
The financial terms of the deal have not been released. The deal is expected to close in the second quarter of 2015.
3i acquired a majority stake in Luxembourg-headquartered Azelis, in 2007. “Since then the company has transformed from a decentralised European business into an integrated group, operating under the Azelis brand, serving customers and principals in the coatings, chemicals, rubber and plastic additives, food and health, animal nutrition, pharma and personal care industries,” 3i said in a statement.
Azelis also entered the Asian chemical distribution market under 3i’s watch, opening several offices in China, Japan and South-East Asia. “Substantial operational improvements were also implemented across the organisation,” 3i said.
“Over the course of the last seven and a half years, Azelis has undergone a significant transformation,” said Robert Van Goethem, a partner at 3i. “It is now one of the leading, fully integrated and independent specialty chemical distributors.”
“Going forward, our strategy for growth is centred on the ambition to further build a lateral value chain in the market segments we serve,” said Hans-Joachim Müller, Azelis CEO. “This new phase of our development will greatly improve our future business prospects, facilitate expansion plans and accelerate growth, which may include targeted acquisitions where needed.”