Cognetas, (formerly known as Electra Partners Europe), an independent mid-market pan-European private equity firm specialising in complex deals, has announced the sale of Azelis Group, one of Europe’s foremost speciality chemicals distributors, to 3i, the international private equity group for 315 million euros.

The sale is subject to regulatory approval and is expected to be completed in the first quarter of 2007.
Since Cognetas acquired Azelis in 2004, it has supported management’s buy and build strategy to create one of Europe’s biggest specialty chemicals distributors. The group has over 900 employees and generates revenues in excess of 700 million euros.
The Azelis Group was set up by CEO Dr. Hans Udo Wenzel in 2001 through the merger of Novocherm (Italy) and Arnaud (France). Today, the Azelis network is made up of 20 independent firms supplying a broad range of raw materials for pharmaceuticals, cosmetics and food, polymers, paints and varnishes, composite additives as well as raw materials for the electrical industry. The group includes Arnaud in France, Chance & Hunt and Pan Polymers in Great Britain, Kraemer & Martin in Germany, Organa, Chemplast, Novaria Chemicals, Giulio Gross, Chemverga and Tradex Colori in Italy, Sibeco and Sepulchre in Belgium, Impex Quimica in Spain, Brown & Gillmer in Ireland and Broste in Scandinavia and the Baltic States.
Mark Elborn, partner of Cognetas GmbH, commented that his company had helped establish Azelis as one of the pre-eminent speciality chemicals distributors throughout Europe and simplify the group’s financial structure and to improve its operational processes.
Dr Udo Wenzel, CEO, Azelis Gruop, said that with upport from 3i, Azelis would continue to expand its market position in Europe and forcefully pursue expansion and participate in the ongoing consolidation of the chemical distribution market. worldwide.