UK-based private equity firm 3i has sold its Panreac, a Spanish maker of chemicals for lab research, to Illinois Tool Works.

The deal will provide to 3i a return of more than 2x its €25 million investment it made in 2005 for a 75% stake in Panreac. Specifics on the transaction were not disclosed.

Under 3i’s leadership, Panreac expanded to more than 12,000 products, grew to 230 employees and acquired Italian-based Nova Chimica. Oscar Gomez, a director, worked on the deal for 3i.

Illinois Tool Works will continue to look for acquisition targets to support its newest asset, which will be integrated into the company’s polymers and fluids division.

Already, Illinois Tool Works—which buoyed investor optimism with a 16% rise in third quarter sales—has been making deals in the recession’s wake. The company bought, in March 2009, KapStone Paper & Packaging’s Ride Rite business and in April 2010, acquired Accessories Marketing Inc., a former Friend Skoler & Co. portfolio company. In May, Illinois Tool Works bought Ion Systems, a California-based company.

3i, earlier this year, closed its €1.2 billion Growth Capital Fund.

The firm, lately, has undergone a number of leadership changes. In May, Sir Adrian Montague was appointed as chairman of the PE firm’s board, succeeding Baroness Hogg.

It has been active on the exit front recently. In May 2010, 3i sold its minority stake in Dirickx Group after a six-year holding period. Then, in June of this year, the PE firm’s Inspicio sold its testing and inspection division to Bureau Veritas.

Industrials Technology