Azelis today announced its initial public offering and its intention to list its shares on the regulated market of Euronext Brussels. The Offering is expected to consist of a primary offering of newly issued shares from a capital increase as well as a secondary component from existing shareholders. The Offering is envisaged as a private placement to qualified investors in Belgium and in certain other jurisdictions.

 

Azelis is targeting gross proceeds from the placement of new shares of approximately €880 million. It is intended that these net proceeds, together with borrowings under the Group's new credit facilities, will enable the Group to significantly strengthen its financial position by repaying its current outstanding debt (i.e., circa €1.6 billion), while providing the Group with increased financial flexibility that is more consistent with its current profile and maturity. The Offering is also expected to support Azelis' growth strategy and future acquisitions by providing funding and giving it access to capital markets.

 

In addition, Azelis expects that the Offering will support its ability to incentivize the current and future members of its executive committee and senior management, and to continue to attract high-caliber individuals to join its executive committee and senior management team in the future. Such incentivization could occur by way of awards of listed Azelis shares, aligning the interests of the members of the executive committee and senior management team with those of Azelis' shareholders. Goldman Sachs Bank Europe SE and J.P. Morgan AG are acting as joint global coordinators and joint bookrunners for the Offering; Barclays Bank Ireland PLC, BNP Paribas Fortis SA/NV, HSBC Continental Europe and ING Belgium SA/NV are acting as joint bookrunners; and Coӧperatieve Rabobank U.A. and Landesbank Baden- Württemberg are acting as co-lead managers. Lazard & Co., Limited is acting as financial adviser to the Group.

 

Dr. Hans Joachim Müller, Chief Executive Officer of Azelis, commented, "I am delighted to announce our intention to list Azelis on Euronext Brussels. We have made great progress with the support of EQT in delivering our growth strategy to date, establishing ourselves as a market leading innovation service provider for the specialty chemicals and food ingredients industry.

However, there remains great opportunity ahead. As a public company, we believe we will be able to fully capitalize on growth opportunities, continuing to complement our strong organic growth with accretive acquisitions. We are focused on being the preeminent global innovation service provider for the specialty chemicals and food ingredients distribution market."