Fiven

Global leader in silicon carbide (“SiC”), the preferred material for demanding applications: electronics, technical ceramics, abrasives, metallurgy, filtration, and other uses.

  • Global manufacturing footprint with four sites across two main geographies (Europe / Latin America): two plants in Norway, one in Belgium and one in Brazil
  • Nearly 400 employees as of June 2023
Acquired:

May 14, 2019

Transaction Type:

Cross-Border, Corporate Carve-Out

Acquired from:

Saint-Gobain

Industry:

Chemicals

Headquarters:

Oslo, Norway

Source:

Competitive Auction Process

Status:

Owned

Transaction Highlights

Sourced through OpenGate’s longstanding relationship with the seller, Saint-Gobain, and its sell-side advisor. OpenGate won the process through its ability to meet Seller’s timeline while completing comprehensive due diligence across Latin America and Europe.

Investment Merits:

  • Mix shift: Increasing focus on higher margin specialty applications including technical ceramics and abrasives, power applications, and space and armored materials
  • Anticipated growth: Well-positioned to benefit from expected growth in semi-conductors and power segments – substantial ongoing R&D and innovation announced by market players
  • Commercial upsides: Opportunity to further diversify customer base and to strengthen specialty products as a stand-alone business
  • Select add-ons: Fragmented market with adjacent or complementary businesses to expand capabilities and geographical reach
  • ESG: Extensive investment has been made into sustainable material formulations, establishing an environmental roadmap with a goal of reaching carbon net zero

Value Creation

  • Execute carve-out from Saint-Gobain
  • Focus on specialty products with higher profitability especially high-purity silicon carbide for semiconductors
  • Reduce environmental footprint of the business, including CO2, in both Brazil and Norway
  • Complete management team (new CFO and COO) and establish HQ in Oslo, Norway
  • Develop production and distribution of alternative adjacent products to silicon carbide
  • Reduce exposure to Venezuela

 

This case study is for illustrative purposes only and there can be no guarantee that any of OpenGate’s investments will have similar results.
Back to Our Edge