OpenGate Capital Signs Exclusivity Agreement to Acquire Benvic from Solvay S.A.
Acquisition to Become OpenGate Capital’s Second Major Investment in the European PVC Industry
Under the Benvic brand name, the business develops, produces and markets 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.
Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO stated, “Benvic would be a strategic complement to OpenGate Capital’s portfolio in Europe. The project would be in line with our strategy to develop our presence in the global PVC industry after having acquired Profialis from Tessenderlo Group in January of 2013, a leading European PVC profiles manufacturer. Profialis and Benvic would have a total annual production capacity of more than 200 kT and close to $330 million in consolidated annual revenues. This is another testament to the merits of our firm’s investment strategy to build and operate businesses in diverse and global markets.”
Julien Lagrèze and Sébastien Kiekert Le Moult, two Partners at OpenGate Capital that led the negotiations, commented: “We are extremely pleased to work with both Solvay and the company’s management team on this project. Our efforts are focused on defining the short and long term priorities for the business, working on transitional plans as well as identifying longer term growth opportunities that fully leverage Benvic’s exceptional innovation capabilities and strong position throughout Europe.”
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.
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