EQT Private Equity

Azelis, a leading global innovation service provider for the specialty chemicals and food ingredients industry, prices IPO on Euronext Brussels

Azelis prices initial public offering (“IPO”) on Euronext Brussels at EUR 26 per share, implying a market capitalization of EUR 6.1 billion

Under EQT Private Equity’s ownership, Azelis has continued to grow organically, expanded geographically, and broadened its portfolio of products and innovation services. This growth has been complemented by an acceleration of M&A, digitalization efforts, and sustainability achievements

With EQT’s support, Azelis has almost doubled its adjusted EBITA since November 2018, and was awarded EcoVadis platinum rating in 2021, recognizing it as within the top 1 percent of all companies assessed globally for its sustainability efforts

  • Societal Contribution

  • 3Good health and well-being
  • 12Responsible consumption and production


EQT is pleased to announce that EQT VIII (“EQT Private Equity”) portfolio company Azelis Group NV (“Azelis” or the “Company”) has successfully priced its IPO and began trading today on the Euronext Brussels stock exchange under the ticker “AZE”. At an IPO price of EUR 26 per share, the total offering size was EUR 1.8 billion, assuming full exercise of the over-allotment option, and implies a market capitalization of EUR 6.1 billion. EQT Private Equity's holding company Akita I and its co-investor Public Sector Pension Investment Board ("PSP Investments"), will remain invested in Azelis following its listing, holding approximately 51 percent and 12 percent of the shares respectively. Azelis’ listing represents the third largest IPO ever on the Brussels stock exchange.

Headquartered in Antwerp, Belgium, Azelis supports more than 45,000 customers who benefit from its application know-how, technical support, and access to a wide portfolio of products from more than 2,200 specialty chemicals and food ingredient suppliers. Azelis operates an extensive network of application laboratories and its technical staff help customers develop and improve formulations. The Company combines a global reach with a local focus to offer a reliable, integrated service to local customers and attractive business opportunities to suppliers.

Since being acquired by EQT Private Equity in November 2018, Azelis has almost doubled its adjusted EBITA as a result of continued strong organic growth and clear focus on “innovation through formulation”. The Company has expanded its number of application labs, launched new operational excellence initiatives, and executed an accelerated M&A strategy with 24 add-ons signed under EQT Private Equity’s ownership.

EQT has also supported Azelis in the development of its digitalization strategy, creating tangible benefits for both its principals and customers, through services such as Azelis’ customer portal and “e-Lab” offering. Moreover, Azelis’ sustained focus and commitment to sustainability was recognized with the award of EcoVadis platinum rating in 2021, denoting sustainability performance within the top 1 percent of all assessed companies and making Azelis the only specialty chemicals and food ingredients distributor with this rating globally.

Bert Janssens, Partner, Investment Advisor, and Head of Western Europe Private Equity at EQT, commented, “EQT is very proud to see Azelis list on the Euronext Brussels stock exchange today. This marks a momentous milestone for the business, which we believe has huge remaining potential. The IPO is testament to all the hard work and efforts of the management, board, and broader Azelis team over many years in building a great company. EQT looks forward to continuing to work with Azelis on the next leg of their exciting growth journey as a listed company.”

Simon Marc, Senior Managing Director and Global Head of Private Equity, PSP Investments, said, “PSP Investments congratulates the entire Azelis organization on their successful IPO. This achievement is a prime example of our strategy to invest alongside best-in-class private equity firms in market leading companies with top-tier management teams. We are excited about Azelis’ prospects in its new chapter as a public company and to continue working alongside management and EQT going forward.”

Dr. Hans-Joachim Müller, Chief Executive Officer of Azelis, added, “The success of Azelis’ IPO reflects investors’ positive view of our industry, the track record we have built so far, as well as the value upside that our ambitions and business model represent. This is a very exciting moment for us and I am grateful to all our stakeholders, notably EQT and PSP, for their trust and support for our vision. I look forward to continue working together to further develop Azelis as the leading specialty chemicals and food ingredients distributor.”


This announcement does not constitute an offering circular or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017 and nothing herein shall be construed as an offering of securities. No one should purchase any securities in the Company except on the basis of information in the prospectus published by the Company in connection with the offering and admission of such securities to trading on Euronext Brussels. Copies of the prospectus are available at the Company’s registered office and, subject to certain exceptions, through the website of the Company.

This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by the Company in any jurisdiction where such offer or sale would be unlawful and this announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions.

This announcement and the information contained herein are not for distribution in or into the United States of America (including its territories and possessions, any state of the United States of America and the District of Columbia) (the “United States”). This announcement does not constitute, or form part of, an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.

EQT logo