vR and CBG Commerz back VELOX

The funding will support Velox's takeover of 3i-backed Azelis's composite business. Azelis meanwhile has appointed Dr Hans-Joachim Müller as its new chief executive officer and received a capital increase of €30m, with the majority provided by 3i.

vR was formed in August through the merger of DZ Equity Partner and WGZ Initiativkapital.

Company
Velox distributes speciality commodities for plastics, paints, varnishes and additive compounds. The company is based in Hamburg. It was founded in 1993 and employs 130 people.

People
vR managing director Martin Völker worked on the deal alongside CBG managing director Stephan Klier.

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• Topics
• Expansion
• DACH
• Industrials
• 3i
• Germany
• DZ Equity Partner