Close Brothers Private Equity Limited (“CBPE”) has, together with management, sold its investment in Runcorn-based Chance & Hunt Limited to Azelis, a European chemical distribution group. CBPE has made a return of
2.5 times its original investment.

Chance & Hunt, one of the UK’s leading independent chemical distributors with a £30 million annual turnover, was the subject of a CBPE-backed management buy-out from ICI plc in April 1999. The business has grown successfully over the last three years and the sale to Azelis offers Chance & Hunt new opportunities for expansion. Azelis is pursuing a strategy of growth by acquisition to build a strong pan-European distribution group, maintaining the identity and management of its national companies. Chance & Hunt was identified as an innovative and enterprising company with the potential for further growth and development.

CBPE’s Iain Slater commented: “In an increasingly competitive environment, the management team, led by Peter Fields, have always driven performance whilst maintaining high standards of customer service. The sale to Azelis begins a new chapter for both the management team and the wider Chance & Hunt business. We have greatly enjoyed our relationship with Peter Fields and his colleagues and we wish them every success.”

Peter Fields said: “Our three-year association with CBPE has been highly productive, helping us to take C&H forward to the next stage of its development. The sale to Azelis is a natural move: it fits perfectly with our strategic ambitions for establishing a European network and will also provide the necessary resources for UK growth in selected niche, speciality areas.”

DLA Manchester (Stephen Devlin) were the legal advisors to CBPE.

Enquiries

Iain Slater – Close Brothers Private Equity
Tel: 020 7426 4000
Adrian King/Barnaby Fry – Flagship Consulting
Tel: 020 7886 8458/8459