Ardian, the Paris investment firm, agreed to sell a majority stake in Novacap to Eurazeo and Merieux Développement. Terms weren’t disclosed. Ardian said in a statement that it would retain a minority holding in Novacap. The deal is subject to regulatory clearances. With Ardian’s support in the past five years, Novacap, the Lyon, France, chemicals group, expanded internationally, making six acquisitions, Ardian said. Eurazeo is the Paris investment firm while Merieux, of Lyon, is a healthcare-focused fund with investments in diagnostics, medical devices and more.
ARDIAN SELLS ITS MAJORITY STAKE IN NOVACAP
Paris, April 11 2016 – Ardian, the independent private investment company, has announced that it has signed an agreement with Eurazeo and Mérieux Développement to sell its majority stake in Novacap, the global diversified chemicals group based in Lyon (France). Ardian will retain a minority stake, demonstrating its continued confidence in the management team headed by Pierre Luzeau.
Supported by Ardian since March 2011, Novacap has sharply accelerated its growth whilst expanding internationally. The group has made six acquisitions, including two in China and one in Germany, worth a total of €240 million. In addition, Novacap has expanded its organic investment programme in its production facilities by committing almost €85 million over the last three years. These projects were initiated with a view to significantly increasing Novacap’s presence in the target end-markets of pharmaceuticals and healthcare, cosmetics and fragrances, food and animal feed, detergents, and environment.
Following this transformation, Novacap today has a greater international presence, with a particular emphasis on Asia which represents half of its employees. Before Ardian took over a majority stake in the company, its activity was mainly limited to France. The contribution from its Asian markets now account for 68%, up from 44%.
“The expertise of the management team, coupled with Ardian’s know-how, has enabled the group to grow successfully. We are very happy to have supported the group for five years, and to have helped it diversify and strengthen its activities. Novacap is now a real international player, and has become a solid platform for further growth.” said Thibault Basquin, Managing Director at Ardian Mid Cap Buyout.
“Ardian has played a major role in our development as majority shareholder for the last five years. They demonstrated an in-depth knowledge of our businesses, and provided real support in our growth projects. This provided us with the backing and resources we needed for our organic growth and to successfully execute acquisitions,” commented Pierre Luzeau, Chairman of Novacap.
The transaction is subject to the approval of the relevant regulatory authorities.