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5-year Transformation Interval Prepares Enterprise for Subsequent Part of Development
LOS ANGELES & PARIS — OpenGate Capital (“OpenGate”), a world personal fairness agency, introduced right now that it has accomplished the sale of SMAC, a supplier of waterproofing and constructing envelope techniques, to Compagnie Financière Jousset (“CFJ”) and the SMAC administration workforce. Phrases of the transaction weren’t disclosed.
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SMAC was established in 1884 and has grown into a frontrunner within the French waterproofing and facades market. OpenGate acquired the enterprise in 2019 from Colas Group, a subsidiary of Bouygues SA.
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Following the carve-out and stabilization of SMAC within the first yr of funding, OpenGate launched into a three-prong method to promote the manufacturing (“Industrie”) enterprise strains in 2020 and 2021 and achieved the next outcomes:
- March 2021: Axter (membranes enterprise) was bought to IKO
- April 2021: Skydôme (skylights enterprise) was bought to Kingspan
- January 2022: Résipoly (resins enterprise) was bought to MAPEI
After the disposals of the Industrie enterprise strains, SMAC was then in a position to deal with its core “Travaux” (set up) enterprise, which had breakeven EBITDA at acquisition and, by means of the implementation of key operational initiatives, reached €32+ million by the top of 2023.
“SMAC is a superb instance of our extremely collaborative origination, M&A, and operations technique in motion,” mentioned Julien Lagrèze, Accomplice and Head of Europe at OpenGate. “I wish to thank our M&A workforce led by Fabien Marcantetti, Managing Director, Xavier Lambert, Principal, and Damien Faujour, Senior Affiliate; and our Operations workforce led by Marc Veillas, Managing Director, and Stéphane Feldmann, Principal. I’d additionally prefer to acknowledge the invaluable contribution of the SMAC administration workforce for his or her efforts in attaining a full turnaround of the enterprise. We stay up for seeing SMAC’s continued development because it embarks on its subsequent chapter with CFJ.”
SMAC’s CEO, Franck Davoine commented, “I want to thank OpenGate Capital for his or her belief and help since 2019 and all through SMAC’s evolution in direction of a stable, worthwhile, and accountable enterprise mannequin. Through the years, the OpenGate groups have labored alongside us and contributed to the achievement of our strategic aims and in the end to our general worth creation. Our ambition is to proceed adapting our providers to the altering expectations of our prospects whereas accelerating our place in rising markets. We’ve a selected deal with environmentally delicate constructing initiatives which play a key position within the prevention of worldwide warming – an space through which SMAC is a crucial participant. SMAC’s vibrant development prospects are evidenced by our plans to rent extra those who want to take part within the vitality transition and create the way forward for vitality environment friendly constructing envelopes.”
Frédéric Jousset, founding father of CFJ added, “CFJ is proud to workforce up with a 140 yr previous chief and innovator within the business. With a historical past spanning over three centuries, two wars, and a world pandemic, SMAC has demonstrated excellent resilience because of the energy of its human capital, deep technical experience, and an amazing popularity amongst its friends for security, high quality, and reliability. Upward and onward towards a billion in revenues, which is our joint ambition with the administration workforce for the group.”
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About OpenGate Capital
OpenGate Capital is a world personal fairness agency specializing within the acquisition and operation of companies to create new worth by means of operational enhancements, innovation, and development. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European workplace in Paris, France. OpenGate’s professionals possess the important expertise wanted to amass, transition, function, construct, and scale profitable companies. To this point, OpenGate Capital has executed greater than 40 platform acquisitions throughout North America and Europe. To be taught extra about OpenGate, please go to www.opengatecapital.com.
About CFJ
CFJ is an funding holding firm owned by Frédéric Jousset and devoted to Non-public Fairness. Primarily based in Luxemburg, CFJ invests its personal fairness in industrial, providers or expertise firms with stable fundamentals and powerful development potential.
CFJ carefully companions with every administration workforce to help their imaginative and prescient and bold initiatives.
CFJ goals at creating worth mixed with constructive human and environmental affect by means of long-term capital, and in-depth strategic and operational help to its portfolio firms.
View supply model on businesswire.com: https://www.businesswire.com/information/residence/20240428622416/en/
Contacts
OpenGate Media Contacts:
Prosek Companions
E-mail: Professional-opengate@prosek.com
Alanna Chaffin
Head of Investor Relations & Communications
E-mail: AChaffin@opengatecapital.com
Phone: +1 310-432-7000
OpenGate Origination Contact:
Joshua Adams
Accomplice
E-mail: jadams@opengatecapital.com
Phone: +1 310-432-7000
CFJ Media Contacts:
Anne-Celine Lescop
Head of Public Affairs & Communication
E-mail: acl@cfj.lu
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