Private equity investor Equistone Partners Europe has sold its majority shareholding in German fine chemicals and pharmaceutical ingredients manufacturer CU Chemie Uetikon for an undisclosed sum to French pharmaceuticals and chemicals producer Novacap.

The transaction is subject to approval by the relevant competition authorities.

Based at Lahr, near the Swiss border, CU Chemie Uetikon specializes in custom synthesis of complex multi-step intermediates and pharmaceutical substances, supplying leading global pharmaceutical companies from its cGMP multi-purpose production facilities.

Equistone acquired a majority shareholding in the fine chemicals producer as part of a management buyout in November 2011. In the interim, the company has grown into a global player with annual sales revenue of around €40 million Euros and around 135 employees.

"Since taking a shareholding in CU Chemie Uetikon, we have specifically enhanced and expanded the management team and have invested in a sustainable strategy for growth," said Philippe Stüdi, Equistone's managing director, Switzerland.

"Since the acquisition in 2011, Equistone has consistently given us valuable input that has helped drive our growth," said CU Chemie Uetikon CEO Thomas Seeler. "As the new owner, Novacap will now be able to build on this foundation in order to conquer new market segments."