A chemical distributor with operations in Runcorn has been bought by funds advised by private equity firm Apax Partners.
Atlas Holding, backed by private equity firm 3i, has signed a binding agreement to sell the Belgium-based Azelis Group subject to regulatory clearances. The deal is expected to close in the second quarter of 2015.
In the UK, Azelis (industrial chemicals and coatings) is based in Runcorn, Azelis (personal care, pharma and performance chemicals) is based in Hertford, Azelis (food and health) is based at Great Gransden in Bedfordshire and Azelis (fragrance products) is based at Tur Langton in Leicestershire.
Azelis chief executive officer Hans-Joachim Müller said: "I would like to thank 3i for their continued support, which has enabled our reorganisation and provided the means to deliver rapid and sustainable growth over the last years.
"We have had the chance to get to know Apax Partners, and believe they share our values and are an excellent partner for the ongoing development of Azelis. Going forward, our strategy for growth is centred on the ambition to further build a lateral value chain in the market segments we serve.
"This clear vision is understood by our employees and is currently being implemented throughout the Company, both locally and internationally. This new phase of our development will greatly improve our future business prospects, facilitate expansion plans and accelerate growth, which may include targeted acquisitions where needed."
3i invested in Azelis in 2007.
Since then, the chemicals business has grown both organically and through acquisitions, significantly expanding its geographic footprint in the UK, the Benelux region, central Europe and eastern Europe.
It has also entered the Asian chemical distribution market, opening several offices in China, Japan and South-East Asia.
UBS acted as financial adviser to the Apax funds, while JP Morgan will provide financing for the transaction. Greenhill acted as financial adviser to 3i.
Simpson Thacher & Bartlett and Ashurst provided legal advice, EY provided accounting and tax advice, BCG provided commercial advice, ERM provided EHS advice and Clifford Chance provided legal advice to 3i.
Read more at www.insidermedia.com