Waterproofing and Building Envelope Investment is Second Corporate Carve-out Completed by OpenGate in May of 2019
LOS ANGELES, CA and PARIS, FRANCE – May 22, 2019 – OpenGate Capital, a global private equity firm, announced today that it has acquired SMAC, a global manufacturer of waterproofing and building envelope solutions, from Colas Group (EPA : RE). Financial terms were not disclosed
SMAC operates across two divisions: Travaux and Industrie. SMAC Travaux specializes in waterproofing solutions typically utilized on flat roofs structures and facades. SMAC Industrie manufactures bituminous membranes, skylights and resins. As one of the largest players in the segment, SMAC has a dedicated service and maintenance business, SMAC Assistance Service, and Essemes Services, focused on fire safety maintenance. SMAC is headquarterd Issy-les-Moulineaux and has operations across France, Morocco, and South America and is supported by 3,400 employees.
Founder and CEO of OpenGate Capital, Andrew Nikou, stated “The building and construction sector continues to present many opportunities across Europe and North America that are well suited for OpenGate. With the investment in SMAC, we are incredibly proud to continue building on our strategy within the lower middle market, and we welcome the business and its many employees into the portfolio of our second institutional fund.”
OpenGate Capital sourced the SMAC opportunity through its global originiation team led by Joshua Adams, Managing Director. From the firm’s European office in Paris, the following team members are responsible for negotiating and overseeing the investment: Sebastien Kiekert Le Moult, Partner, M&A; Fabien Marcantetti, Managing Director, M&A; and Marc Veillas, Managing Director, Operations
The acquisition of SMAC is the second Europe-based corporate carve-out completed within OpenGate Capital’s second institutional fund following the earlier announcement that the firm had acquired the European silicon carbide division, Fiven, from Saint-Gobain.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions including corporate carve-outs, management buy-outs, special situations and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.
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