Unipex buyer KDG acquired by Apax Partners’ Azelis Group

KODA Distribution Group (KDG), which bought Unipex Solutions Canada Inc earlier this year, has been sold to Azelis Group, a Belgian specialty chemicals distributor. No financial terms were disclosed. U.S.-based KDG was sold to Azelis, a portfolio company of British private equity firm Apax Partners, by Audax Group, a U.S. private equity firm that has backed KDG since 2010. Unipex Solutions, previously a portfolio company of IK Investment Partners, was among KDG’s seven add-on acquisitions.


Audax Private Equity Announces the Sale of KODA Distribution Group

December 21, 2015

BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) has completed the sale of KODA Distribution Group (“KDG”) to Azelis Group (“Azelis”), a portfolio company of funds advised by Apax Partners. Azelis is headquartered in Antwerp, Belgium and is a leading global specialty chemicals distributor with revenues over €1 billion.

KDG is a leading specialty chemical distributor in North America. Since Audax’ initial investment in 2010, KDG has completed seven acquisitions, transforming from a regional CASE (Coatings, Adhesives, Sealants & Elastomers) focused distributor to a multi-vertical distributor to the CASE, Specialty Agriculture, Personal Care, Industrial, and Pharma/Nutrition end markets with presence across all of North America.

Geoffrey S. Rehnert, Co-CEO of Audax Group, said: “We congratulate Frank Bergonzi and his team on successfully building KDG through seven acquisitions and expanding into new end markets and geographies. We have enjoyed partnering with Frank and his team to execute our acquisition strategy.”

Frank Bergonzi, CEO of KDG, said: “Audax has been a great partner and resource in helping our team transform through seven acquisitions into one of the leading specialty chemicals distribution platforms in North America.”

Harris Williams & Co. and William Blair advised KDG. Ropes & Gray, Burns & Levinson, and Stikeman Elliott served as legal counsel to KDG.

About KODA Distribution Group:

KODA Distribution Group (KDG) is a leader in specialty chemical distribution in the U.S. and Canada. KDG is organized around industry verticals in North America by the following focus markets: Canada, CASE, Specialty Agriculture, CARE, Life Sciences, Construction, and Industrial (Plastics, Lubrication & Metalworking). Each industry vertical shares similar approaches to their markets: deep technical expertise and market knowledge; a service platform that includes marketing and product management; a network of technical centers (application labs) to support customers; a focus on customer intimacy; and an absolute devotion to customer service. KDG is headquartered in Stamford, CT.

About Audax Private Equity:

Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested over $3 billion in 92 platform and 436 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax Group has over $9 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses.

Audax Group
Geoffrey Rehnert, 617-859-1503

Photo courtesy of Azelis Americas