BNP Paribas Developpement buys stake in Unipex

A source familiar with the situation confirmed that founders of the business have retained a substantial majority in the company, while the management has acquired a small minority.

The GP invested €8.8m in the company; the deal values the business at €56m, according to French publication Capital Finance. The report also claimed that the three owners plan to sell the business to a private equity firm in three to five years.

Senior debt for the transaction was provided by Societe Generale, CIC and BNP Paribas.

Previous funding
IK Investment Partners acquired a majority stake in French speciality chemicals business Unipex Group from Ardian in 2012. The new owner invested via its IK 2007 fund, which closed on €1.675bn in 2007. Debt financing was provided by Ares and LFPI. 

The business generated revenues of €200m in 2012, Unquote previously reported. The following year, Unipex refinanced its debt with a new €121m package, in the form of a senior loan, mezzanine funding and acquisition facilities. Bank of Ireland Group, Credit Industriel et Commercial, GE Capital Corporation and KBC Groep NV acted as senior lead arrangers, with the mezzanine tranche being underwritten by LFPI, Ares Management and European Capital.

The GP sold Unipex subsidiary Lucas Meyer Cosmetics, a Canadian flavour and fragrance manufacturer, to International Flavors & Fragrances for €283m in June 2015, before exiting its stake in the business via management buy-back in September that year. The transaction was financed by European Capital, which invested €25m in unitranche.

Company
Founded in 1968, Unipex specialises in the development, production, marketing and distribution of active ingredients, speciality chemicals and other chemical products. It specifically targets the cosmetics, pharmaceutical, nutrition and industrial sectors.

The Paris-based group has offices in Belgium and Morocco. The company recorded a €92m turnover in 2018, according to Capital Finance.

People
BNP Paribas développement – Frederique Cassignol (investment director). 
Unipex – Patrice Barthelmes (CEO).

Advisers
Company – Willkie Farr & Gallagher (legal).

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