Private equity firm OpenGate Capital’s portfolio company, SMAC, a French provider of waterproofing and building envelope solutions, has completed the sale of its skylights-related division to Kingspan Light + Air, a division of Kingspan Group Plc.
The sale of the skylights division includes two business lines; Skydôme, a subsidiary focused on the production of daylighting, ventilation, smoke evacuation, and roofing access systems; and Essemes Services, a division within Skydôme specialising in the installation of skylights and the maintenance of fire safety equipment. OpenGate acquired SMAC from Colas Group in May of 2019. Terms of the agreement were not disclosed.
The sale of the skylights division enables SMAC to focus on its core Travaux business. The close of this transaction follows the previously announced sale of AXTER, the membranes related division of SMAC, to IKO in March 2021.
Andrew Nikou, OpenGate Capital’s Founder and CEO, says: “The sale of AXTER and the skylights division, marks the fulfillment of an important aspect our original investment thesis for SMAC. Having completed both sales processes in less than two years after acquiring the business, we are enthusiastic about potential add-on investments and many new opportunities ahead for SMAC.”
SMAC’s CEO, Franck Davoine, says: “We are very pleased with the completion of these two sales processes. We are now in greater position to focus on our mission to address large scale construction projects in an environmentally responsible manner for that will serve our customers, and our business, for many years ahead.”
