Equistone sells Uetikon to Ardian's Novacap

Under Equistone's ownership, Uetikon has developed its management team. The company intends to expand into new markets under the backing of Novacap.

The deal forms part of Novacap's buy-and-build growth strategy, and will bring new capabilities in active pharmaceutical ingredients and custom synthesis of fine chemicals.

The business received acquisition financing from Ardian in November 2011 for the purchase of French chemical group Rhodia's salicylic and acetaminophen businesses. Novacap also acquired a 51% stake in Taixing Yangzi Pharm Chemical, a Chinese producer of para-aminophenol, the main raw material used for the production of paracetamol.

In January 2011, Ardian (then Axa Private Equity) originally acquired a 96% stake in Novacap in a €240m deal from Bain Capital.

The business completed a €310m refinancing on the high-yield bond market in May 2014, comprising €310m of senior secured floating rate notes, to mature in 2019.

Previous funding
Equistone, (then Barclays Private Equity) wholly acquired Uetikon in October 2011 via a management buyout.

Company
Founded in 1970, Uetikon manufactures fine chemicals and active pharmaceutical ingredients. Based in Lahr, Germany, the firm develops custom synthesis of multilevel intermediaries and active pharmaceutical ingredients.

The business generated a turnover of €40m in 2014, up from €17m at the time Equistone first invested. It has also expanded its headcount from 110 to 135 over the course of the GP's investment.

People
Philippe Stüdi is Equistone's managing director for Switzerland. Stüdi led the deal for the vendor alongside David Zahnd and Peter Hammermann. Thomas Seeler is CEO of Uetikon.

Advisers
Vendor – Lazard (M&A); P+P Pöllath & Partners (Legal); KPMG (Corporate finance, Tax); Novumed (Commercial due diligence); Ecosens (Environmental due diligence).
Acquirer – Ashurst (Legal); PwC (Corporate finance, Tax); Advancy (Commercial due diligence); Latham & Watkins (Operational due diligence); URS (Environmental due diligence).

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• Topics
• Exits
• DACH
• France
• France
• Germany
• Equistone Partners Europe
• Ardian (formerly Axa PE)
• Unq2015June