If all goes as planned, speciality chemicals distributor Azelis (Antwerp / Belgium; www.azelis.com) could have a new owner by the end of Q2 this year. In a deal the financial details of which were not disclosed and which still has to meet regulatory approval, 3i (London / UK; www.3i.com), which currently owns the company, has announced that it has reached an agreement to sell the distributor to private equity group Apax Partners (London / UK; www.apax.com).

Since first acquiring a majority stake in Azelis in 2007, 3i has successively grown the company, both organically and through acquisitions, while also extending its global footprint.

Apax Partners said it plans to continue developing Azelis, with partner Frank Ehmer adding that, “We are highly supportive of an investment programme to further strengthen Azelis’ existing platform, both organically and through acquisitions.”