IK takes over AXA PE's Unipex

The new owner invested via its IK2007 fund, which closed on €1.675bn in 2007. Debt financing was provided by Ares and LFPI.

IK had identified Unipex as a promising investment opportunity in 2011 and approached AXA Private Equity to preempt a sale process that was due to start in September 2012.

The parties declined to comment on the value of the transaction. The entry multiple is however understood to be in the single-digit range, according to a source close to the situation.

IK will now look to support Unipex's growth in its two core activities, manufacturing and distribution. This will be done both organically and through acquisitions - IK has already identified 20 potential targets and is in preliminary talks with four.

Debt
Ares and LFPI provided a bridge facility to finance the deal, which would be converted to unitranche if it wasn't refinanced within nine months. IK is currently in talks with several banks to refinance the facility before the 9-month deadline.

Previous funding
AXA PE acquired the active ingredients and specialty chemicals division of Quebec-based Atrium Innovations through a $155m LBO in 2008, establishing the Unipex group.

The group's headquarters were moved to France following the acquisition of Lucas Meyer Cosmetics in 2009, one of the four build-up operations completed by Unipex under AXA Private Equity ownership.

Company
Unipex specialises in the development, production, marketing and distribution of active ingredients, speciality chemicals and other chemical products. It specifically tragets the cosmetics, pharmaceutical, nutrition and industrial sectors.

The Paris-based group operates six offices across Europe and North America. It generates a €200m turnover. Around 60% of its EBITDA is generated in Europe.

People
Dan Soudry, Rémi Buttiaux, Benoît Leblanc, Arnaud Bosc and Diki Korniloff worked on the deal for IK. Béatrice Beitmann, Yann Bak and Olivier Parmentier represented AXA PE.

Advisers
Equity – Société Générale, François Vigne, Daniel Morrissette (M&A); Ernst & Young, Daniel Benquis, Alexia Acrivopoulos, Nicolas Le Pierres (Financial due diligence); AT Kearney, Jérôme Souied, Hugo Azerad, Julien Hereng (Commercial due diligence); White & Case, Norbert Majerholc, Vincent Morin, Camille Note (Legal, tax).
Vendor – Lazard, Alexandre Benais, Geoffroi de Saint Chamas, Matthieu Guillard (M&A); SJ Berwin, Maxence Bloch, David Diamant (Legal).

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• Topics
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