Antwerp, Belgium-based specialty chemicals and food ingredients distributor Azelis said its private equity owner Apax Partners has received a binding takeover offer from two other funds, EQT VIII and PSP Investments, and is in exclusive negotiations to transfer its holding.

The transaction, for which financial terms were not disclosed, is subject to regulatory approvals, and other conditions including consultation with employee representatives. A closing is targeted for the fourth quarter of 2018.

Established in 2001, Azelis, which fields a high-end technical sales force, supplies a diverse range of products and services to more than 43,000 customers in over 40 countries. The distributor also operates more than 50 of its own application laboratories.

Private equity investor 3i acquired a majority stake in Azelis in 2007. Since its acquisition by Apax in 2015, the distributor said it has successfully executed its targeted growth strategy through focusing the business on product development and innovation, as well as developing its M&A platform.

Over past three years, the company has more than doubled sales revenue and tripled EBITDA while at the same time making nine acquisitions to broaden its geographic reach and product offering.

By its own account, Azelis’ most significant deal to date was the 2015 takeover of Koda Distribution Group, whose North American presence was complementary to its own  European and Asian reach. This, it said, expanded the company into a “truly global player.”

In 2016, Azelis acquired 100% of Milan-based distribuor Ametech and in 2017 alone picked up four more companies, including US distributor Ross Organic, Denmark’s LCH, Chemcolour, based in Australia and New Zealand and Georges Walther, a family-owned specialty chemicals distributor. So far in 2017, it has bought South Korea’s Sammi Chem and taken full ownership of Distralim, a Moroccan distributor of food ingredients.

Going forward, the distributor said its strategy is to continue to leverage its diversified business model.