BUSINESS: OpenGate Capital Portfolio Company SMAC Completes Exit Of Manufacturing Division With Sale Of Resins To MAPEI

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Daniel Webster, dWeb.News Publisher

LOS ANGELES & PARIS–(BUSINESS WIRE)–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. Resins includes Resipoly and Services (resin manufacturer) and Eurosyntec (installation specialist). The terms of the agreement weren’t 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 Skydome 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 owned by SMAC’s manufacturing division Industrie.

Julien Lagreze (OpenGate Capital’s partner and Head of Europe) commented that “The sale” of the last division of Industrie was in complete compliance with SMAC’s original investment thesis. We are delighted to have partnered MAPEI in this transaction. We also remain excited about the trajectory of SMAC under a more targeted product offer. 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 Capital’s professionals have the necessary skills to help you acquire, transform, 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.

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