AXA in €240m secondary chemicals buyout

Bain is exiting Novacap, a company it created when it carved out a division of French chemical giant Rhodia in 2003.

AXA Private Equity has agreed to buy a majority stake in chemicals group Novacap from Bain Capital for an enterprise value of €240 million.

Novacap, which produces and sells mineral and organic chemical products, was created in 2003 when Bain Capital carved out the chemical and industrial mining activities of chemical company Rhodia. Bain paid $550 million in 2004 to buy Rhodia’s North American phosphates business.

Novacap employs about 470 people and sells its products in a number of sectors, including beverage glass packaging, flat glass, chemical and energy, pharmaceuticals and automotive, among others.

Last year, AXA scored a more than 2x exit multiple when it sold specialty chemicals company Eliokem to fellow chemicals company Omnova Solutions.