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.
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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.
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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.
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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.
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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.