EQT Exits Remaining Stake in Azelis
Private equity firm EQT has completed the sale of its remaining stake in Azelis Group, a global service provider for the specialty chemicals and food ingredients industry. The exit follows a period of EQT ownership during which Azelis expanded its revenue and earnings through organic growth and acquisitions.
EQT's journey with Azelis began in November 2018, acquiring the specialty chemicals distributor in a deal that valued the company at over €2 billion. This acquisition was made in partnership with Canadian pension investment manager PSP Investments. Under EQT's ownership, Azelis embarked on an aggressive growth-through-acquisition strategy to expand its global footprint. The company executed 24 add-on acquisitions, significantly broadening its market reach and capabilities. Key acquisitions included Orkila, a leading distributor in Africa and the Middle East, and Quimdis, a French distributor of ingredients. This rapid expansion fueled significant top-line growth. Between 2019 and 2024, Azelis's revenue surged from €1.96 billion to €4.21 billion. The company's adjusted EBITA also saw a substantial increase, growing from €177.3 million in 2019 to €471 million in 2025, demonstrating the value created during EQT's holding period. The growth strategy culminated in a successful Initial Public Offering on the Euronext Brussels in September 2021. The IPO was a landmark event, with Azelis being valued at a market capitalization of €6.1 billion. This offering represented the third-largest IPO ever on the Brussels stock exchange. Following the IPO, EQT gradually sold down its stake in Azelis. The final exit involved the sale of the remaining 10% for approximately €190 million. This followed a previous sale in February 2025 where EQT sold 20 million shares, generating gross proceeds of around €333 million for the fund.
