Apax and 3i enter exclusive talks over Azelis

The proposed deal, which is subject to antitrust approval, comes around two years after 3i took part in a €30m capital increase for Azelis.

3i acquired the company for €315m in 2007. Since then, it has undertaken an international growth strategy involving the hire of new senior management and the sale of its composite business to German trade player Velox.

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

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

Antwerp-based Azelis was founded in 2001 through the merger of Novorchem in Italy and Arnaud in France.

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