Triton syndicates Tetra stake to Axa

The French insurance group’s private equity unit has taken a 22 per cent stake in Tetra Group, acquired by Triton for $240m last November.

Less than six months after the original deal to acquire Pfizer’s aquarium and pond supply business Tetra, German and Northern European buyout fund Triton has sold a 22 per cent stake in the company to Axa Private Equity.

 

The terms of the deal have not been disclosed, although Triton paid Pfizer just under $240m for the business in November. Royal Bank of Scotland completed the financing of the transaction with senior and mezzanine debt facilities.

 

Tetra 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. The company reported worldwide revenues in 2001 of $181m.

 

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. Pfizer opted to sell the business as part of a restructuring to divest itself of businesses that were acquired as part of the Warner Lambert deal.

 

Last June, Triton Group announced the closing of a E60m top-up fund (Triton 1A fund) to the original E590m fund it raised in 2000. The acquisition of Tetra was the fund’s sixth major investment, in addition to seven add-on investments made by the Triton 1A fund.

 

Earlier this month, Stockholm-headquartered private equity firm EQT Partners sold its Swedish packaging materials business Stenqvist to Triton. Terms for the deal were not been disclosed.