Private equity firm 3i Group has kicked off the sale of its portfolio company Azelis, a Belgium-based chemical distributor, Reuters reported. 3i Group, which is based in London, has hired Bank of America Merrill Lynch to help with the sale. The private equity firm bought Azelis in 2007 for about 315 million euro, Reuters wrote.
(Reuters) – British private equity firm 3i Group has kicked off the sale of Azelis, a Belgium headquartered chemicals distributor with 1 billion euros ($1.4 billion) in sales, people familiar with the situation said.
London-listed 3i has hired Bank of America Merrill Lynch to sell the company, which it acquired in 2007 in a 315 million euro deal, two people said.
The firm hopes to run a tightly controlled auction process, focusing on potential trade buyers, one of those people said.
3i declined to comment.
(Additional reporting by Isabell Witt, editing by Steve Slater)