Permira, the UK private equity formerly known as Schroder Ventures, has bought Chance & Hunt from Close Brothers Private Equity in the latest step of its bid to create a pan-European chemicals distribution group.

Permira is merging Chance & Hunt into Azelis, a chemicals distribution business that it has owned since last year. Azelis holds Novorchem of Italy and Groupe Arnaud of France and Permira is using acquisitions to build it up.