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CBPE makes gain on Chance & Hunt

Close Brothers Private Equity (CBPE) is celebrating a return of 2.5 times its original investment on the sale of Chance & Hunt to Azelis. Terms of the transaction were undisclosed, but it is rumoured the business was valued at over GBP10 million.

Chance & Hunt, a UK chemical distributor, was the subject of a CBPE management buyout from ICI in April 1999. The business has grown successfully over the last three years with an annual turnover of GBP30 million and the sale to Azelis offers the group new opportunities for expansion. Azelis is pursuing a strategy of growth by acquisition to build a strong pan-European distribution group, while 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.

Iain Slater of CBPE commented: “In an increasingly competitive environment, the management team, led by Peter Fields, has 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.”

Chance & Hunt is an outsourcing business handling bulk industrial chemicals, servicing 60 chemical manufacturers and over 800 end-user customers. The business offers a full supply chain management service covering the movement of product from the manufacturing facility to the end-user. The business manages over 250,000 tons of product annually.

CBPE is currently investing its sixth private equity fund, which closed in February and has so far committed to nine companies.