Paris based private equity firm Ardian is set to offload its majority stake in chemicals and cosmetics company Novacap to French buy out firms, Eurazeo and Mérieux Développement for around £500m.
Novacap, maker of everything chemical from sun creams to baking powder, was bought by Ardian in 2011 for a deal that valued it at €240m (£188m).
The deal is the latest in a raft of acquisitions for Eurazeo that has recently moved away from its traditional consumer-facing businesses including Accor Hotels and Europcar; picking up animal-nutrition supplier InVivo a year ago, and bidding for flavourings company Diana Group in 2014.
Ardian, which has an office in London, has grown Novacap through acquisitions, including buying Germany’s CU Chemie Uetikon GMBH from Equistone Partners Europe to expand in active pharmaceutical ingredients.
Private equity giants Blackstone and CVC Capital Partners also showed interested in the firm.
Ardian is set to remain a minority shareholder in Lyon-based Novacap.