OpenGate Capital, a global private equity firm, announced today that it has realized its legacy, pre-fund investment in Benvic through a sale to Investindustrial, a leading European mid-market investment firm. Terms of the transaction were not disclosed.
With operations in France, Italy and Spain, Benvic is one of Europe’s leading PVC compounders that develops, produces and markets highly customized, 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 and aerospace, cabling, pharmaceutical, packaging and fluid transport.
Andrew Nikou, founder and CEO of OpenGate Capital, stated, “Since acquiring Benvic in 2014 from Solvay, our European operations team worked with Benvic’s management to innovate and improve the overall business. As a privately owned, pre-fund investment, I am incredibly proud of the accomplishments that we achieved with the business.”
Sebastien Kiekert Le Moult, Partner at OpenGate Capital, oversaw the sales process and stated, “As far back as 2012, OpenGate developed a strategy to pursue investments in the chemical space and we identified several attractive businesses in Europe including Benvic. We worked with Solvay for two years to complete the transaction and today we thank the entire Benvic team for their work that made this transformation possible. We are confident that Investindustrial will be the right partner to drive the next phase of growth for Benvic.”
OpenGate Capital acquired Benvic in June 2014 prior to raising its first institutional fund in 2016. The acquisition of Benvic was the third PVC business acquired by the firm, including Kem One SAS, a PVC compounder, acquired through a take-over bid process in January of 2014. Kem One was followed by The Ivy Group, which included Nakan. Combined, the revenues of OpenGate’s PVC pre-fund businesses totaled more than USD$1.5 billion at acquisition.
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 buy-outs, 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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OpenGate Media Contacts
Alanna Chaffin, +1 (310) 432-7000
achaffin@opengatecapital.com
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Mike Sitrick, (310) 788-2850
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OpenGate
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Joshua Adams, +1 (310) 432-7000
jadams@opengatecapital.com
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