OpenGate Capital portfolio company SMAC has sold its skylights division to Kingspan Light + Air, a unit of Kingspan Group Plc. OpenGate acquired SMAC from Colas Group in May of 2019. Financial terms were not disclosed.
LOS ANGELES & PARIS–(BUSINESS WIRE)–OpenGate Capital, a global private equity firm, announced today that its portfolio company, SMAC, has reached an agreement to sell its skylights division to Kingspan Light + Air, a division of Kingspan Group Plc (ISEQ: KRX and LSE: KGP). The agreement includes the sale of Skydôme, a subsidiary focused on the production of daylighting, ventilation, smoke evacuation, and roofing access systems, and Essemes Services, a division of Skydôme, specializing in the installation of skylights and the maintenance of fire safety equipment. Terms of the agreement were not disclosed, and the final sale is subject to closing conditions and works council consultation.
The pending sale of Skydôme and Essemes enables SMAC to focus on its core Travaux business, which provides waterproofing and building envelope solutions. This announcement follows the previous agreement to sell SMAC’s AXTER Membranes division which is targeted to close in 2021. OpenGate acquired SMAC from Colas Group in May of 2019.
Andrew Nikou, OpenGate Capital’s Founder and CEO stated, “We are confident that the agreement to sell the skylights division of SMAC will enable the company to emerge as a stronger, more resilient business, creating long-term value for its customers and employees. We look forward to a successful conclusion of this transaction and will continue to support SMAC to generate meaningful growth.”
SMAC is a French provider of waterproofing and building envelope solutions. The company is headquartered in Issy-les-Moulineaux and has operations across France, Morocco, and South America.
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 buyouts, special situations, and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.