(Bloomberg) -- Private equity firm EQT AB is considering options for Belgian chemical distribution company Azelis Group NV after receiving interest from potential buyers, according to people familiar with the matter.

Possible alternatives include EQT teaming up with another firm to take Azelis private again, or selling its stake to a buyer, the people said, declining to be identified because the information is confidential. Buyout firms have expressed early-stage interest in a deal, along with interest from the chemical distribution industry, they said. 

Deliberations are still at an early stage and there’s no certainty a transaction will take place, they said. Azelis shares jumped as much as 15% after Bloomberg reported the interest.

Stockholm-based EQT led a group that bought Azelis in 2018. The firm still owns about 48% of the stock following an initial public offering of the Antwerp, Belgium-based company in 2021. EQT declined to comment, while Azelis didn’t immediately reply to a request for comment.

Before today’s jump, Azelis shares were down more than 20% from their IPO price. The shares are viewed as cheap and the company has among the best conversion margins in the industry, according to a recent report from Berenberg.

Read More: Azelis Plunges on Ebita Miss, Cautious Outlook: Street Wrap

So-called re-take privates aren’t uncommon. Last year in Germany, EQT made an offer for software firm Suse SA while rival private equity firm Cinven agreed to buy back outstanding shares of laboratory chain Synlab AG.

(Updates to add share-price move in third paragraph.)

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