Global private equity firm OpenGate Capital, is combining Extol, which it acquired on 30 September, 2022, and Aluminium France Extrusion (AFE), which has been owned by OpenGate since June of 2013, to form Aluminium Solutions Group SAS (ASG).
The merger establishes France’s second and Europe’s sixth largest aluminium extruder with a clear sustainability roadmap. Terms of the transaction have not been disclosed.
OpenGate is also examining options to enhance the ESG profile of ASG, including specific investments to facilitate recycled materials in the production process.
Extol is a specialty extruder and manufacturer of custom aluminium parts with facilities in Toledo, Spain and Nantes, France. AFE is an aluminium extruder serving the construction, transportation, and industrial sectors with facilities in Saint Florentin and Ham, France. Combined as ASG, the business will leverage commercial and operational synergies, increased capacity to capture market growth, and gain a stronger position in their respective markets to become a new European leader in aluminium extrusion capabilities.
Caixa Bank and Amundi are the main arrangers of the senior secured debt.
Lincoln International (Paris / Madrid) acted as OpenGate Capital’s M&A and Financing advisor, Cuatrecasas (Madrid) and McDermott Will & Emery (Paris) served as Legal counsels, while PwC performed the commercial, financial, tax, legal and labor due diligence.
