CVC?s Adisseo acquired by Chinese giant

CVC Capital Partners has sold Drakkar Holdings to ChemChina for an undisclosed sum. Drakkar Holdings is the parent company for the Adisseo group of animal nutrition businesses, which CVC acquired in November 2001. Financial details of the transaction were undisclosed.

ChemChina is one of the largest participants in the Chinese chemicals sector. Completion of the transaction is subject to receipt of certain governmental approvals and is expected to occur prior to the end of 2005.

Adisseo, a world leader in animal nutrition, is wholly owned by Drakkar and was formed in connection with Drakkar’s acquisition of Aventis’ animal nutrition business in April 2002. The business’ principal products in the animal feed sector are methionine (RHODIMET), vitamins (MICROVIT) and enzymes (ROVABIO). In 2004, the group achieved a turnover of approximately €500m.

Anthony Clinch, managing director of CVC, said: “I am delighted by this transaction, which is something of a landmark deal for the European private equity sector. Under its new ownership there is a great opportunity for Adisseo to further develop its products in fast growing markets and fully exploit its considerable technological capabilities. I am confident that under the leadership of Patrick Verschelde and with the support of ChemChina, Adisseo will continue to grow from strength to strength.”