London-based private equity firm Apax Partners is considering selling Belgium-based Azelis SA, as it seeks to leverage the rich valuations of some of the specialty chemicals distributor's publicly traded peers, The Wall Street Journal reported, citing unnamed sources.
A deal reportedly could value Belgium-based Azelis at up to €2 billion. Azelis operates a chemicals distribution network across Europe and supplies products to more than 40,000 global customers in the personal care, pharmaceutical, rubber and plastics sectors. It expanded into the western U.S. by acquiring cosmetic distribution company Ross Organic in 2017 and also has operations in the Middle East, Africa and the Asia-Pacific region.
The planned divestment comes as the private equity sector is pressed to deploy its more than $1 trillion of cash worldwide, according to the publication.
