Jan 11, 2022   SOURCE: BusinessWire

OpenGate Capital Portfolio Company SMAC Completes Exit of Manufacturing Division with Sale of Resins to MAPEI

OpenGate Capital, a global private equity firm, announced today that its portfolio company, SMAC, a leading French provider of waterproofing and building envelope solutions, has completed the full exit of its manufacturing division, Industrie, with the sale of its Resins business unit to MAPEI, an Italian leader in the production of adhesives and chemical products for the building industry. The Resins business unit includes resin manufacturer, Resipoly and Services, and installation specialist, Eurosyntec. Terms of the agreement were not disclosed.

This latest disposal completes SMAC´s exit from its manufacturing division, in line with its strategy to refocus on its core works business (“Travaux”), which is centered on waterproofing, cladding, energy renovation, and maintenance of building envelope systems. The exit of Resins follows the previously announced sales of the Skydôme and Essemes Services businesses, sold to Kingspan Light + Air in April 2021, and AXTER, the membranes division, sold to IKO in March 2021. All three businesses were held under SMAC’s manufacturing division, Industrie.

Julien Lagrèze, OpenGate Capital’s Partner and Head of Europe commented, “The sale of the final division within Industrie is fully in line with our original investment thesis for SMAC. We are pleased to have partnered with MAPEI on this transaction and remain enthusiastic regarding the trajectory of SMAC and its continued strong performance under a more targeted product offering.”

SMAC’s CEO, Franck Davoine, commented, “With the completion of this final sales process, we will continue our focus on large scale Travaux-related projects in an environmentally responsible manner for the benefit of our customers.”

About SMAC

SMAC is one of the leading firms in waterproofing and facades, with operations in Mainland France, the French overseas departments, Morocco (Sofima), and South America (Reali). The business is supported by 2,300 employees and a network of 60 profit centers in France and performs more than 10,000 projects each year.

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 buyouts, special situations, and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.