Audax Private Equity (Audax) has sold KODA Distribution Group (KDG) to Azelis Group, a portfolio company of funds advised by Apax Partners.
Azelis is headquartered in Antwerp, Belgium and is a leading global specialty chemicals distributor with revenues over EUR1 billion.
KDG is a leading specialty chemical distributor in North America. Since Audax’ initial investment in 2010, KDG has completed seven acquisitions, transforming from a regional CASE (Coatings, Adhesives, Sealants & Elastomers) focused distributor to a multi-vertical distributor to the CASE, Specialty Agriculture, Personal Care, Industrial, and Pharma/Nutrition end markets with presence across all of North America.
Geoffrey S Rehnert, Co-CEO of Audax Group, says: “We congratulate Frank Bergonzi and his team on successfully building KDG through seven acquisitions and expanding into new end markets and geographies. We have enjoyed partnering with Frank and his team to execute our acquisition strategy.”
Frank Bergonzi, CEO of KDG, says: “Audax has been a great partner and resource in helping our team transform through seven acquisitions into one of the leading specialty chemicals distribution platforms in North America.”
Harris Williams & Co and William Blair advised KDG. Ropes & Gray, Burns & Levinson, and Stikeman Elliott served as legal counsel to KDG.
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These four companies join ASV’s US portfolio, which also includes investments in PolicyGenius, Limelight Health and VolunteerSpot.
