Who Owns Azelis Company?

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Who Owns Azelis?

Azelis, a major player in specialty chemicals and food ingredients, went public in September 2021. This IPO on Euronext Brussels was a significant event, valuing the company at €6.08 billion and marking a major Belgian listing.

Understanding Azelis's ownership is key to grasping its strategic direction and market influence. The company's journey from its 2001 merger to its current global standing is a testament to its growth and market positioning.

Following its IPO, Azelis's ownership structure shifted to include public shareholders. As of 2024, the company reported revenues of EUR 4,214.0 million, operating in 65 countries with over 4,300 employees. This public listing means ownership is distributed among investors who purchased shares. For a deeper dive into the company's operational environment, consider an Azelis PESTEL Analysis.

Azelis was established in 2001 through the merger of Novorchem from Italy and Arnaud from France. While the specific names of the founders and their initial equity stakes are not publicly disclosed, the company's early ownership was significantly influenced by private equity firms.

Formation of Azelis

Azelis began its journey in 2001, formed by the strategic merger of Novorchem and Arnaud.

Early Private Equity Involvement

The company's initial ownership structure was heavily shaped by private equity investment.

3i's Acquisition

In December 2006, 3i acquired Azelis Group for more than €300 million.

Expansion Under 3i

This period saw Azelis expand its operations across Europe and into Asia.

Apax Partners' Acquisition

In 2015, Azelis was acquired by funds managed by Apax Partners from 3i.

Impact of Private Equity

These private equity transactions were key in driving Azelis's consolidation and market growth strategies.

The early ownership history of Azelis is marked by significant transitions between private equity firms, each playing a role in its strategic development and market expansion. While the specific details of the founders' initial stakes and their subsequent exits are not publicly available, these private equity buyouts were instrumental in shaping the company's trajectory, focusing on consolidating its market position and expanding its geographical reach. Understanding these early ownership changes is crucial for grasping the company's foundational growth and its subsequent journey, including its efforts to understand its Target Market of Azelis.

Key Ownership Milestones

Azelis's ownership has been characterized by strategic acquisitions by private equity firms, driving its growth and integration.

• Formation in 2001 via merger.
• Acquisition by 3i in 2006 for over €300 million.
• Expansion into new markets under 3i's ownership.
• Acquisition by Apax Partners in 2015.

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Azelis's ownership journey has been marked by significant private equity involvement and a pivotal transition to public trading. Initially acquired by Apax Partners in 2015, the company later transitioned to EQT Private Equity in November 2018, a period that saw substantial growth and strategic acquisitions.

The trajectory of Azelis's ownership structure has been significantly shaped by private equity backing and its subsequent public offering. EQT Private Equity's stewardship, beginning in November 2018, was instrumental in Azelis's expansion, characterized by nearly doubling its adjusted EBITA and executing 24 add-on acquisitions. This period of growth culminated in the company's listing on Euronext Brussels on September 17, 2021. The IPO raised €1.77 billion, with shares priced at €26, establishing a market capitalization of €6.08 billion. Following the IPO, EQT Private Equity, through its holding company Akita I, and co-investor Public Sector Pension Investment Board (PSP Investments), retained substantial stakes, holding approximately 51% and 12% of the shares, respectively. This transition to a publicly traded entity has enhanced Azelis's financial agility and access to capital, fueling its ongoing growth initiatives, including further strategic acquisitions. As of June 25, 2025, the free float of Azelis shares with voting rights is 71.91%, representing 175,393,211 shares. The company's financial performance, as detailed in its 2024 Integrated Report published on March 6, 2025, shows total revenue for 2024 reaching EUR 4.2 billion, with adjusted EBITA at EUR 471 million. Major institutional investors are key Azelis shareholders, as indicated by transparency notifications to the FSMA, underscoring the diverse Azelis stock ownership.

Key Stakeholders and Public Offering

Azelis's ownership evolution highlights a strategic shift from private equity control to public market participation. The IPO in 2021 was a landmark event, significantly altering the Azelis company ownership structure.

• EQT Private Equity and PSP Investments remain significant Azelis shareholders post-IPO.
• The free float of Azelis shares stands at 71.91% as of June 25, 2025.
• The IPO in 2021 provided Azelis with substantial capital for future growth.
• Understanding who owns Azelis is crucial for assessing its strategic direction.
• The company's financial performance, with EUR 4.2 billion in revenue for 2024, influences investor interest.
• The Competitors Landscape of Azelis provides context for its market position.

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The Board of Directors for Azelis is structured to provide comprehensive oversight and strategic direction. As of May 8, 2025, the board comprises both executive and non-executive members, ensuring a balance of operational knowledge and independent perspective.

The voting power within Azelis Group NV is primarily based on a one-share-one-vote principle. At the Annual General Meeting on May 8, 2025, a significant portion of the company's shares were represented, with 88.90% of all eligible shares participating. Out of a total of 243,921,719 shares outstanding, 243,510,780 shares were entitled to vote, indicating strong shareholder engagement.

Board Committees and Shareholder Representation

The Board of Directors has established key committees to manage specific areas of corporate governance. These committees play a vital role in ensuring robust financial oversight and strategic alignment.

• The Audit and Risk Committee is chaired by Tom Hallam and includes Bert Janssens and Kåre Schultz.
• A Remuneration and Nomination Committee is also in place.
• Major shareholders, represented by EQT Private Equity partners Kristiaan Nieuwenburg and Bert Janssens, hold non-executive director positions.
• Shareholder approval is a key step in director appointments, as seen with Lily Wang's nomination.
• The Growth Strategy of Azelis is influenced by the board's decisions.

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In recent years, Azelis has seen significant shifts in its ownership structure, particularly following its initial public offering. The company has actively pursued a growth strategy through acquisitions, which has also influenced its investor base and the distribution of its shares. These developments reflect a dynamic period for Azelis as it continues to expand its global presence and market offerings.

Azelis has maintained a robust acquisition strategy over the past three to five years, completing eight acquisitions in 2024 alone, which contributed to its revenue of EUR 4,214.0 million for the year. This consistent M&A activity, averaging nearly four acquisitions annually over the last three years, underscores the company's commitment to expanding its market reach and product portfolio. As of July 2025, one acquisition has been completed in the current year, indicating the ongoing execution of this growth strategy. The company's ownership profile has also evolved, notably with the partial divestment by EQT Private Equity. In February 2025, Akita I S.à r.L., an entity indirectly controlled by EQT VIII, sold 20 million shares, generating approximately EUR 366 million in gross proceeds. This move suggests a trend where private equity investors, like EQT and PSP Investments, continue to hold significant stakes post-IPO while realizing some of their investment, potentially allowing for future strategic adjustments and continued influence. The leadership also saw a significant transition in 2024, with Anna Bertona taking over as Group CEO and Kåre Schultz assuming the role of Chair of the Board, signaling a new phase for the company's governance. Additionally, Azelis engaged in a share buyback program in 2025, repurchasing 50,000 shares to manage its incentive plans, demonstrating a focus on shareholder value and operational efficiency. The company's stated strategy emphasizes a dual approach of organic growth alongside targeted acquisitions to solidify its position as a global innovation service provider. For a deeper understanding of the company's journey, one can refer to the Brief History of Azelis.

Strategic Acquisitions Drive Growth

Azelis completed eight acquisitions in 2024 and has averaged nearly four acquisitions annually over the past three years. These strategic moves are key to expanding its global footprint and service offerings.

Evolving Ownership Landscape

Significant share sales by entities like Akita I S.à r.L. in early 2025 indicate a partial exit by major investors while maintaining substantial stakes. This reflects a common post-IPO trend for private equity stakeholders.

Leadership and Governance Changes

The year 2024 saw key leadership transitions, with Anna Bertona appointed Group CEO and Kåre Schultz becoming Chair of the Board. These changes mark a new chapter in the company's strategic direction.

Shareholder Value Initiatives

Azelis's share buyback program in 2025, aimed at fulfilling incentive plan obligations, demonstrates a commitment to managing its capital structure and enhancing shareholder returns.

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