3i, Azelis, and Apax Partners report that Atlas Holding S.A., the holding company of the Azelis Group, has signed a binding agreement to sell the company, a pan-European specialty chemical distributor to funds advised by Apax Partners, a global private equity firm.The relevant workers' councils of the company have issued a favorable opinion on the transaction, which remains subject to regulatory clearances, and is expected to close in the second quarter of 2015.

3i and funds managed by 3i acquired a majority stake in Azelis in 2007. Since then the company has transformed from a decentralized European business into an integrated group, operating under the Azelis brand, serving customers and principals in the coatings, chemicals, rubber and plastic additives, food and health, animal nutrition, pharma and personal care industries.

During this period, Azelis has grown organically and through acquisitions and has expanded its geographic footprint in the UK, Benelux, and Central and Eastern Europe. It has also entered the Asian chemical distribution market, opening several offices in China, Japan, and Southeast Asia.

Apax Partners, together with the existing management team, intends to continue Azelis' strategic focus on growing the business through ongoing development of its specialist product portfolio and continuing to extend its global reach, both organically and through acquisitions. Apax Partners will retain Hans-Joachim Müller as chief executive officer of Azelis,

Source: Apax Partners