Akita, an entity indirectly controlled by an affiliate of the EQT VIII fund, has completed the sale of its remaining stake in Azelis Group, drawing a line under a seven-year investment that transformed the Belgian chemicals distributor into a global innovation powerhouse.

 

The transaction comprised approximately 24 million shares — around 10% of the company’s share capital — and generated aggregate proceeds of approximately €190 million. EQT VIII will receive gross proceeds of approximately €173 million. The sale was completed on 26 February 2026.

 

Goldman Sachs International, J.P. Morgan SE, and BNP PARIBAS acted as joint global coordinators for the sale.

 

The exit marks the final chapter in EQT’s stewardship of Azelis, during which the Antwerp-headquartered group expanded into one of the world’s leading innovation service providers for the specialty chemicals and food ingredients industries.

 

Today, Azelis supports more than 65,000 customers worldwide, providing application expertise, technical support and access to a portfolio sourced from more than 2,800 specialty raw material producers. The company operates a broad network of application laboratories, where technical teams work directly with customers to develop and refine formulations.

 

Since EQT acquired the business in November 2018 — and particularly following its IPO in September 2021 — Azelis has scaled its global platform while navigating a more challenging chemicals market environment. The group expanded its laboratory footprint, strengthened operational performance, and completed a series of bolt-on acquisitions to deepen its capabilities and geographic reach.

 

Digital transformation became a central strategic pillar, underpinned by a strong technology backbone designed to deliver a differentiated experience to customers and principals. At the same time, Azelis reinforced its sustainability credentials, maintaining EcoVadis Gold status and securing strong global sustainability rankings.

 

With the final stake now sold, EQT VIII exits a business it helped reshape — leaving Azelis positioned as a digitally enabled, sustainability-focused leader in specialty chemical distribution.