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 £10 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 £30 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.