At what enterprise value was NOVACAP acquired in 2010?

During the acquisition of NOVACAP by ARDIAN in 2010, the transaction's Enterprise Value is estimated to be in the range of 300M - 700M EUR.

What was the EV/EBITDA of NOVACAP when it was acquired by ARDIAN?

The estimated EV/EBITDA multiple for NOVACAP is in the range of 5x - 12x.

When was NOVACAP acquired by ARDIAN?

NOVACAP was acquired by ARDIAN in 2010.

What was the revenue of NOVACAP at the time of the deal?

The revenue of NOVACAP at the time of the deal is estimated to be in the range of 250M - 500M EUR.

What was the EBITDA of NOVACAP during the acquisition?

NOVACAP's EBITDA is estimated to be in the range of 25M - 50M EUR.

How is the data for the NOVACAP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the NOVACAP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.fusacq.com/buzz/industrie-pharmaceutique-eurazeo-investit-dans-novacap-a117154_be_

What is the average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026?

The average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026 is 11.5x.

← DATABASE

Home Database Industry & ManufacturingNOVACAP

11/2010

NOVACAP acquired by ARDIAN

FRANCE Chemicals & Materials / Specialty Chemicals EV 300M - 700M EUR

Context

Ardian (then AXA Private Equity) entered into a definitive agreement to acquire a majority stake in Novacap from the private equity firm Bain Capital. The transaction marked the second major LBO for the chemical group since its carve-out from Rhodia in 2003. The strategic rationale for Ardian centered on transforming a primarily French-centric industrial producer into a global specialty chemical platform. The investment plan focused on two main pillars: accelerating international expansion and diversifying the product mix toward high-growth pharmaceutical and health markets. This transition aimed to reduce the group's exposure to cyclical commodity chemicals in favor of more stable, high-margin specialty ingredients.

NOVACAP, which reported an EBITDA margin of in 2010, is valued in this transaction at an EV/EBITDA multiple of , a level than the average currently observed in the Industry & Manufacturing sector (11.5x).

-> Deep-dive in Industry & Manufacturing market trends

Target

Novacap is an international specialty chemicals group headquartered in Lyon, France, specializing in the production and distribution of essential chemical ingredients. The organization is a global leader across diversified end-markets, including pharmaceuticals, healthcare, cosmetics, fragrances, food, animal nutrition, and environmental services. Its extensive product portfolio includes active pharmaceutical ingredients (APIs) such as aspirin and paracetamol, as well as salicylic acid, soda ash, sodium bicarbonate, and oxygenated solvents. The business model transitioned from a France-centric operation to a global platform with 14 production facilities worldwide and a workforce of 1,600 people, half of whom are based in Asia. Organized into three divisions—Mineral Specialties, Pharmaceutical & Cosmetics, and Performance Chemicals—the group serves over 750 clients globally, emphasizing sustainable development and high-value chemical synthesis for mission-critical consumer products.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2010

2009

Other operations with NOVACAP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
04/2016	EURAZEO / MERIEUX EQUITY PARTNERS	NOVACAP	FRANCE	Specialty Chemicals

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 250M - 500M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of NOVACAP by ARDIAN are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: ardian