Yangzi, located in Taixing Economic Development Zone near Shanghai, produces Para-Amino-Phenol (PAP), a chemical intermediate mainly used for the production of paracetamol. In 2012, Yangzi employed 375 employees and recorded €71m of sales.
AXA Private Equity acquired a majority stake in Novacap from Bain Capital in January 2011. The company has significantly increased the footprint of the group outside Europe, with around 50 per cent of employees now located in Asia.
With this new acquisition, the Novacap group’s annual total turnover climbs to €710m, an increase of 50 per cent in less than three years.
“Since Novacap’s acquisition of Novacyl in November 2011, Yangzi has been on our top-priority acquisition list. This transaction is another example of how AXA Private Equity supports its portfolio companies in ambitious international projects,” said Thibault Basquin, managing director at AXA Private Equity.
Copyright © 2013 AltAssets