M&A Deal Summary

Azelis Acquires KODA Distribution Group

On December 21, 2015, Azelis acquired distribution company KODA Distribution Group from Audax Private Equity and GarMark Partners

Acquisition Highlights
  • This is Azelis’ 2nd transaction in the Distribution sector.
  • This is Azelis’ 1st transaction in the United States.
  • This is Azelis’ 1st transaction in Connecticut.

M&A Deal Summary
Date 2015-12-21
Target KODA Distribution Group
Sector Distribution
Buyer(s) Azelis
Sellers(s) Audax Private Equity
GarMark Partners
Deal Type Add-on Acquisition
Advisor(s) Harris Williams & Co.
William Blair (Financial)
Ropes & Gray
Burns & Levinson
Stikeman Elliott (Legal)

Target

KODA Distribution Group

Stamford, Connecticut, United States
KODA Distribution Group LLC is a distributor of specialty chemicals through its Monson, GMZ and Ribelin operating units.

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Buyer(S) 1

Buyer

Azelis

Antwerp, Belgium
Category Company
Founded 2001
Sector Distribution
Employees3,481
Revenue 4.2B EUR (2023)
DESCRIPTION

Azelis is a distributor of specialty chemicals and food ingredients, providing diverse products and innovative services. Azelis was founded in 2001 and is based in Antwerp, Belgium.

DEAL STATS #
Overall 2 of 57
Sector (Distribution) 2 of 45
Type (Add-on Acquisition) 2 of 51
State (Connecticut) 1 of 1
Country (United States) 1 of 4
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-22 S&D Group

Harrow, United Kingdom

S&D Group Ltd. is a specialist supplier of raw materials and ingredients to the pharmaceutical, food, personal care and performance chemicals industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-08 Ametech

Berchem, Belgium

Ametech is a distributor for a complimentary product basket of specialty chemicals for agrochemical and fertilizer formulations, feed and veterinary, polymerization in emulsion, industrial applications, and other markets. Ametech was formed in 2001 and is based in Berchem, Belgium.

Buy -

Seller(S) 2

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 42 of 102
Sector (Distribution) 6 of 9
Type (Add-on Acquisition) 17 of 35
State (Connecticut) 2 of 3
Country (United States) 40 of 97
Year (2015) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-09 Active Day

Trevose, Pennsylvania, United States

Active Day is a provider of adult day health services and in-home personal care. With more than 80 locations across the country, the Company provides therapeutic activities, opportunities for socialization, and expert health and nursing care to improve its members’ daily functioning and delay the onset of chronic illness. Active Day was founded in 1995 and is based in Trevose, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-31 Chesapeake IRB

Columbia, Maryland, United States

Chesapeake Research Review, Inc. is a provider of independent IRB services for pharmaceutical companies, universities, individual researchers, academic medical centers, and community hospitals. Chesapeake Research Review was formed in 1993 and is based in Columbia, Maryland.

Sell -
SELLER

GarMark Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1997
PE ASSETS 1.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

GarMark Partners is a private investment firm that makes debt and equity investments in a wide range of companies. The Firm invests in businesses at various stages of development to facilitate acquisitions, divestitures, recapitalizations, turnarounds or growth. Garmark typically invests between $5 and $30 million with an EBITDA $3 and $25 million. The firm prefers to invest in the sectors of manufacturing/industrial products, distribution, business services, consumer brands, food/nutrition products, transportation, healthcare, retail, and restaurants. GarMark Partners was formed in 1997 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 18 of 21
Sector (Distribution) 3 of 3
Type (Add-on Acquisition) 12 of 14
State (Connecticut) 2 of 2
Country (United States) 16 of 19
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-02 Forest Resources

Hartford City, Illinois, United States

Forest Resources LLC is a holding company engaged in manufacturing industrial packaging products, including recycled corrugated medium, kraft, crepe and specialty packaging papers as well as corrugated boxes.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-13 Advanced Solutions International

Alexandria, Virginia, United States

Advanced Solutions International is a provider of web-based software for member and donor-based not-for-profits and have served nearly 4000 clients and millions of users worldwide. Advanced Solutions International was founded in 1991 and is based in Alexandria, Virginia.

Buy -
Mergr

Product

Company

Legal