Benvic is a leading PVC compounder with three manufacturing plants in Europe (France, Italy & Spain). Benvic develops, produces and markets highly customized, high quality, innovative PVC-based thermoplastic solutions in the form of powders and compounds that are utilized across a wide range of rigid and flexible end-applications including building and construction, automotive, cabling, consumer goods, packaging and fluid transport.


June 4, 2014

Acquired from





France, Italy, & Spain

Transaction type

Proprietary, Corporate Carve-Out


December 27, 2017

Sold to


Transaction Highlights

Following a thematic study of the European PVC value chain, OpenGate identified Benvic, a non-core division within Solvay, a leading Global chemical company headquartered in Belgium. Over the course of a two-year period, OpenGate remained engaged with Solvay and the management team at Benvic and ultimately completed the acquisition in 2014 outside of a formal process.

Investment Merits

  • Non-core division of larger corporate parent
  • Leader in European PVC compounds market with established brand recognition
  • Reputation for high quality materials, and a leader in product development
  • Overall industry was in a down-cycle
  • Resilient business model would position the business for greater value as industry conditions improved


  • Set-up a new corporate management team to replace HR, Finance and Legal services provided by the seller
  • Separated IT systems from the seller’s systems
  • Set-up working capital financing lines for financing business activity and future growth

Value Creation

  • Developed a new dedicated sales network, replacing Solvay sales agents by in-house (Germany) or independent agents (UK, Eastern Europe, North Africa)
  • Restructured low performing Italian subsidiary through costs cutting initiatives combined with a reshuffling of Italian products and customers portfolio to improve both profitability and working capital
  • Activated purchasing synergies with other OpenGate-owned PVC companies to achieve price reduction on major raw materials: PVC resin, titanium dioxide, plasticizers
  • Developed new products: thermal break for aluminums windows producers
  • Increased production through dedicated investments: new IXAN line, new extrusion line, increased storage capability


After achieving tremendous growth in a three-and-a-half-year period, Benvic was sold to a European investment firm, Investindustrial through a competitive sales process.