OpenGate Capital will acquire Profialis, a supplier of “extruded PVC window and door profiles” to the building and construction industry in Europe. Terms of the deal were not released. Tessenderlo Group, the parent company of Profialis, is divesting the business.
PRESS RELEASE
OpenGate Capital, LLC, a private investment and acquisition firm, announced today it has signed an agreement with Tessenderlo Group (NYSE Euronext: TESB) to acquire Profialis, a major supplier of extruded PVC window and door profiles to the building and construction industry in Europe. Tessenderlo Group, the parent company of Profialis, is divesting the business as part of an ongoing strategy to focus on the food, agriculture, water management and valorizing bio-residuals aspects of their business. The transaction is expected to close within 60 days. No financial terms were disclosed.
“Profialis is a business with solid fundamentals, strong market position, and a stable base of loyal customers. We’re excited to work with management to build on the strengths of the business and to create significant value with particular focus in France and Benelux, the company’s flagship markets.”
Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO, stated, “Profialis is a business with solid fundamentals, strong market position, and a stable base of loyal customers. We’re excited to work with management to build on the strengths of the business and to create significant value with particular focus in France and Benelux, the company’s flagship markets.”
Profialis divides its activities in three groups: fenestration, shutter systems and other interior and exterior finishing products and services. The business has more than 300 employees in its production facilities in Clerval, France, and Oeselgem, Belgium, and sales offices in Poland and Hungary.
OpenGate Capital’s European Partners Julien Lagrèze, Robert Lezec and Sebastien Kiekert Le Moult led the transaction and will work closely with the company to strengthen its operational and financial performance.
About OpenGate Capital, LLC
OpenGate Capital, LLC, is a global private investment 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 maintains offices in Paris, France, and São Paulo, Brazil. OpenGate’s seasoned team of professionals possesses the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 20 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. The OpenGate portfolio of wholly owned businesses generates nearly $2 billion in revenue and includes businesses from a wide range of industries and geographic markets. For more information, please visit www.opengatecapital.com.
About Tessenderlo Group
Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio-residuals. The group employs about 7,500 people and is a leader in most of its markets, with a consolidated revenue of 2.1 billion EUR in 2011. Tessenderlo Chemie NV is listed on NYSE Eurolist by Euronext Brussels and is part of Next 150 and BEL Mid indices. Financial News wires: Bloomberg: TESB BB – Reuters: TesBt.BR – Datastream: B:Tes
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