Paul Hastings has advised OpenGate Capital in connection with the acquisition of Kem One SAS, the second largest European manufacturer of PVCs, together with the industrial investor Alain de Krassny.
The reorganisation plan of Kem One SAS was approved on 20 December by an order of the Tribunal de Commerce (Commercial Court) of Lyon, after months of negotiations with Groupe Kem One’s principal business partners and support from the French Government to preserve the continued viability of the French petrochemical industry.
Kem One SAS is part of the upstream business activity of Kem One Group. The order also provides for the sale of Kem One Innovative Vinyls by Klesch Group, the downstream portion of the group. Kem One Group employs 2,600 employees at 22 facilities in ten different countries and has sales of EUR1.1bn.
OpenGate Capital is an investment holding company formed in 2005 that specialises in the acquisition and operation of underperforming companies by promoting growth and improving their performance. Based in Los Angeles, Paris, and Sao Paulo, OpenGate Capital has completed approximately 30 transactions since it was formed and manages a portfolio of companies that generates USD3bn in revenues.
The Paul Hastings team was led by restructuring partner Lionel Spizzichino with associate Audrey Nelson, assisted by finance partner Mounir Letayf and corporate partner Edith Boucaya.
