Triton Group, the European private equity house which specialises in buyout opportunities across Germany and the Nordic countries, is to acquire the Tetra unit from US pharmaceuticals giant Pfizer.
Triton, investing from its first fund, the Triton Fund which closed on E590m in 2000, has agreed to pay $240m for the business which reported worldwide revenues in 2001 of $181m.
The sale by Pfizer, the world’s biggest pharmaceutical group following its recent acquisition of rival group Pharmacia, is part of the firm's ongoing strategy to dispose of non-core operations. The group is also planning to sell its Adams Candy business, which has been the subject of interest from Cadbury and Nestle, and the Schick-Wilkinson Sword unit, which makes razors.
Pfizer acquired Tetra as part of its merger with Warner-Lambert in 2000. Tetra is headquartered in New Jersey with a research centre in Melle, Germany, were the business was set up 50 years ago. It manufactures a range of products, including food for ornamental aquarium and pond fish, and fish-keeping equipment and accessories and is the market leader by both share and revenues.
In June, Triton Group announced the closing of a E60m top-up fund (Triton 1A fund) to the original fund raised in 2000. The acquisition of Tetra is the fund’s sixth major investment, in addition to seven add-on investments made by the Triton 1A fund.