Axa-backed Novacap acquires Yangzi

The deal is part of Novacap's growth strategy to develop its health and pharmaceutical activities, as well as boosting the company's presence outside of Europe, with 50% of employees now based in Asia.

Previous funding
Axa PE acquired Novacap in January 2011 from Bain Capital in a deal that valued the company at €240m.

Novacap was spun out from Rhodia by Bain in 2003. Following the Axa PE acquisition, Novacap then carved out Rhodia's salicylic and acetaminophen businesses. The combined business was renamed Novacyl.

Company
Located in the Taixing Economic Development Zone near Shanghai, Yangzi produces Para-Amino-Phenol (PAP), a chemical used in the production of paracetamol.

As of 2012 the company employed 375 people and posted sales of €71m.

Headquartered in Lyon, France, Novacap produces and sells mineral and organic chemical products. It supplies various sectors including beverage glass packaging, flat glass, chemicals, energy, pharmaceuticals, environment, animal feed, detergent, automotive and construction.

Following the Yangzi deal, Novacap's combined annual turnover has reached €710m.

People
Pierre Luzeau is CEO of Novacap. Zhou Zhao Ming is chairman of Yangzi. Thibault Basquin is managing director of Axa PE.

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• Topics
• Portfolio management
• France
• Axa Private Equity
• Bain Capital