OpenGate Capital, a global private equity firm, is in exclusive negotiations with the Spanish firm MCH and Fernando Busto, founder and CEO of Extol, to acquire Extol.
The acquisition is part of a wider plan to create a European group focused on the aluminium extrusion market including another company, Aluminium France Extrusion. Together, the business will be named Aluminium Solutions Group (ASG). Financial term of the deal, which is expected to close later this year, have not been disclosed.
ASG will consist of four plants, three in France (Nantes, Saint-Florentin and Ham) and one in Spain (Toledo) and combined, the group will continue to supply extruded aluminium products to the European construction, transport, machinery, equipment, infrastructure, and consumer goods sectors, among others.
ASG will employ around 800 people and offer a wide range of value-added services to extrusion such as lacquering, anodising, thermal break, cutting and machining.
