Apax acquires Azelis from 3i

Under 3i's tenure, Azelis has undertaken an international growth strategy involving acquisitions, the hire of new senior management and the sale of its composite business to German trade player Velox. The company will adopt a similar growth strategy with Apax at the helm.

The deal is expected to complete in Q2 2015, following regulatory clearance.

Azelis recently opened a new office in Chengdu, west China, and a laboratory facility in Hertford, UK. It has also signed a distribution deal with renewable chemicals company Myriant in the past few months.

In 2011, 3i was rumoured to be auctioning off the business, reportedly hiring Bank of America Merrill Lynch to run the process.

Previous funding
In 2007, 3i acquired Azelis from Motion Equity Partners (then Cognetas) in a deal worth €315m. The GP then took part in a €30m capital increase for the company in October 2012 and invested €10m as part of a refinancing for the business the following year.

Company
Founded in 2001 through the merger of Novorchem in Italy and Arnaud in France, Antwerp-based Azelis distributes speciality chemicals.

People
Frank Ehmer is a partner at Apax. Robert Van Goethem is a partner at 3i. Hans-Joachim Müller is CEO of Azelis.

Advisers
Equity – UBS (Corporate finance); EY (Tax); Simpson Thacher & Bartlett (Legal); Ashurst (Legal); BCG (Commercial due diligence); ERM (Environmental due diligence).
Vendor – Greenhill (Corporate finance); Clifford Chance (Legal).

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• Topics
• Exits
• Industrials
• Benelux
• Belgium
• 3i
• Apax Partners
• Trade sale
• Unq2015Mar