Management Keeps a Stake in Azelis

The management of chemical distributor Azelis (Milan) will own about 32% of the company following the acquisition of a majority stake in Azelis by private equity firm 3i Group (London), sources say. The rest will be held by 3i. Azelis’s management owned 43% of Azelis under the company’s previous majority owner, private equity firm Cognetas (London). The purchase of Azelis by 3i is due to be completed at the end of January (CW, Dec. 20/27, 2006, p. 5). Meanwhile Chance & Hunt (Runcorn, U.K.), an Azelis subsidiary, says it has been awarded a...

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