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OpenGate Capital completes acquisition of SMAC from Colas Group

Private equity firm OpenGate Capital has acquired SMAC, a global manufacturer of waterproofing and building envelope solutions, from Colas Group. Financial terms of the deal have not been disclosed.

SMAC operates across two divisions: Travaux and Industrie. SMAC Travaux specialises in waterproofing solutions typically utilized on flat roofs structures and facades. SMAC Industrie manufactures bituminous membranes, skylights and resins. As one of the largest players in the segment, SMAC has a dedicated service and maintenance business, SMAC Assistance Service, and Essemes Services, focused on fire safety maintenance. SMAC is headquartered in Issy-les-Moulineaux and has operations across France, Morocco, and South America and is supported by 3,400 employees.

Founder and CEO of OpenGate Capital, Andrew Nikou, says: “The building and construction sector continues to present many opportunities across Europe and North America that are well suited for OpenGate. With the investment in SMAC, we are incredibly proud to continue building on our strategy within the lower middle market, and we welcome the business and its many employees into the portfolio of our second institutional fund.”

OpenGate Capital sourced the SMAC opportunity through its global origination team led by Joshua Adams, Managing Director. From the firm’s European office in Paris, the following team members are responsible for negotiating and overseeing the investment: Sebastien Kiekert Le Moult, Partner, M&A; Fabien Marcantetti, Managing Director, M&A; and Marc Veillas, Managing Director, Operations.

The acquisition of SMAC is the second Europe-based corporate carve-out completed within OpenGate Capital’s second institutional fund following the earlier announcement that the firm had acquired the European silicon carbide division, Fiven, from Saint-Gobain.

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