OpenGate Capital Completes Acquisition of Umicore Zinc Chemicals
28.11.2016 08:00 | Business Wire
OpenGate Capital, a global private equity firm, announced today that it has completed the acquisition of Umicore Zinc Chemicals, a global leader in the production of specialty zinc chemicals, from parent company Umicore (EBR:UMI). As part of the transition process, OpenGate Capital has already completed the renaming of the business to EverZinc effective immediately.
With industrial operations in Belgium, the Netherlands, Norway, China and Malaysia, EverZinc specializes in three product lines: fine zinc powders, zinc oxide and zinc for batteries. EverZinc products are sold to customers around the world for use in a variety of applications, including anti-corrosion paints, tires, pharmaceutical chemicals, ceramics and glass, and sunscreens. Headquartered in Angleur, Belgium, EverZinc generates over €400 million in annual revenue and has more than 500 employees globally.
“EverZinc is yet another example of OpenGate executing on our strategy to build new value in businesses that have untapped potential,” said Andrew Nikou, founder, Managing Partner and CEO at OpenGate Capital. “As we look at the North American and Western European markets for new opportunities, we also examine global industry cycles and look for pockets of dislocation or stagnation.
“From our first look at the Umicore divestiture, we saw a business that is an important player in a larger global zinc chemicals market that is projected to grow at a steady annual rate. We took this macro understanding, coupled it with the operational skills we have developed through our legacy investments in the European PVC chemicals market, and created an operational strategy specific to EverZinc’s business that will drive new value. With EverZinc’s global footprint, diverse industry applications and long-standing customer base, this is an exciting investment at a great time in a global market,” Nikou concluded.
“EverZinc has a skilled and tenured team of people and utilizes the most advanced manufacturing technology to produce a vast array of products to meet the demands of its global customer base,” said Julien Lagrèze, Partner at OpenGate Capital. “Zinc is one of the most versatile and important compounds used throughout the world in everyday applications. We are excited to work with management to build a new phase of growth for EverZinc.”
Fabien Marcantetti, a Principal in OpenGate Capital’s Paris office responsible for transaction execution, commented, “EverZinc is a particularly exciting investment as it expands our portfolio’s global footprint of operations and represents yet another dynamic industry for our operations team to manage.”
EverZinc represents the fifth acquisition this year through OpenGate Capital’s first institutional fund following the firm’s earlier acquisitions of Power Partners Inc., Energi Fenestration Solutions, Bois & Matériaux and Alfatherm.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and has a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special-situation investments. To learn more about OpenGate, please visit www.opengatecapital.com.
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