Acquisition Enhances Diversity of OpenGate’s Portfolio
LOS ANGELES, CA and PARIS, FRANCE – February 1, 2013 – OpenGate Capital, LLC, a private investment and acquisition firm, announced today it has completed the acquisition of Profialis from Tessenderlo Group (NYSE Euronext: TESB). Profialis is a major supplier of extruded PVC window and door profiles to the building and construction industry in Europe. No financial terms were disclosed.
Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO stated, “We’re excited to start the beginning of this new year with the acquisition of Profialis. We are already implementing our plans to ensure a seamless transition from the seller, and to lay the groundwork for leveraging the inherent strengths of Profialis as we see a lot of potential in this business.”
Profialis divides its activities in three groups: fenestration, shutter systems and other interior and exterior finishing products and services. The business has more than 300 employees in its production facilities in Clerval, France and Oeselgem, Belgium and sales offices in Poland and Hungary.
OpenGate Capital will support the expansion of the business through growth of the customer base, extension of the geographic reach, and broadening the overall product range. These initiatives will be done via add-on acquisitions and through the completion of an operational rationalization program that was initiated in prior years.
The acquisition of Profialis occurred just four weeks after OpenGate Capital acquired Zodiac Recreational, the world’s most recognized brand in the nautical industry that designs and manufactures inflatable and rigid inflatable boats. The cross-border acquisition of Profialis further diversifies OpenGate Capital’s portfolio both geographically and by industries served.
About OpenGate Capital
OpenGate Capital is a global private investment firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and maintains offices in Paris, France and São Paulo, Brazil. OpenGate’s seasoned professionals possess the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 30 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. The OpenGate portfolio of wholly owned businesses generates nearly $3 billion in revenue and includes businesses from a wide range of industries and geographic markets. For more information, please visit www.opengatecapital.com
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