Solvay completes sale of PVC compounder Benvic to private investment firm
LOS ANGELES and PARIS
June 4, 2014
– Transaction Represents Third European PVC Compounds Business to Join OpenGate Capital Portfolio
OpenGate Capital, a global private investment firm, announced today that it has completed the acquisition of Benvic®, a leading PVC compounder with three manufacturing plants in Europe, from Belgian chemicals leader, Solvay S.A. (Euronext: SOLB). Terms of the acquisition were not disclosed.
The acquisition of Benvic represents the third PVC business acquired by OpenGate Capital following Profialis, a PVC extrusion business, which was acquired in January of 2013 from Tessenderlo Group, and Kem One SAS, a PVC compounder, acquired through a take-over bid process in January of 2014. Combined, the revenues of these three PVC businesses total more than USD$1.5 billion.
Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO, stated: “We are extremely pleased to complete this acquisition. Not only is Benvic an exciting business on its own merits with terrific upside potential, but combined with our other PVC holdings, the acquisition also fulfills our strategy to develop our presence in the global PVC industry. As OpenGate Capital continues to complete complex carve-outs across Europe, the US and Latin America, we have become a solid resource for global corporations looking to divest non-core assets, and I’m incredibly proud of our team driving our successes.”
Julien Lagrèze and Sébastien Kiekert Le Moult, both Partners at OpenGate Capital, led the transaction from the firm’s office in Paris. Lagrèze commented: “We are really excited to begin executing on our transition plan to ensure a smooth and seamless transfer of Benvic’s business, and all of the employees, into the OpenGate portfolio. We will be working with and guiding the management team over the next several months as they create the next phase of growth and opportunity.” Adding to this comment, Kiekert Le Moult stated, “All of our PVC businesses, and especially Benvic, will benefit from one ownership structure that may include improved buying leverage and supplier agreements.”
Benvic operates across Europe from its manufacturing facilities in France, Italy and Spain. The business employs over 200 people with annual revenues of USD$220 million. Benvic develops, produces and markets high quality, innovative PVC-based thermoplastic solutions in the form of powders and compounds that are utilized across a wide range of end-applications including building and construction, automotive and aerospace, cabling, pharmaceutical, packaging and fluid transport.
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 New York, New York; Paris, France; and São Paulo, Brazil. OpenGate’s 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 generates approximately $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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