AXA Private Equity Agrees to Buy Novacap from Bain

AXA Private Equity (Paris) has agreed to acquire a majority stake in Novacap (Lyon, France) from Bain Capital for about €240 million. The exact size of the stake was not disclosed. The deal is supported by Novacap's management team, headed by CEO Pierre Luzeau. Bain put Novacap up for sale last year, having launched the company in January 2003 after acquiring some of Rhodia's intermediates and industrial mining activities. AXA entered exclusive negotiations recently with Bain for the acquisition. Nocacap has sales of about €470 million/year. It is a...

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