Global private equity firm OpenGate Capital has completed the sale of Fiven, a producer of silicon carbide grains and powders, to Kymera International, a portfolio company of Palladium Equity Partners. Terms of the transaction have not been disclosed.
OpenGate acquired Fiven in 2019 through a corporate carve-out from Saint-Gobain.
According to a press statement, OpenGate oversaw navigation of Fiven’s carve-out, which required setting-up standalone support functions, legal entities and new supply agreements, as well as improvements to the company’s sales mix, with a focus on specialty products, including high-purity silicon carbide for semiconductors, Li-on batteries and defence applications. OpenGate also helped implement value-based pricing across its customer portfolio and develop an ESG roadmap.
The exit marks OpenGate’s second full realisation this year, following the sale of SMAC, a French waterproofing and facades business, which OpenGate sold to Compagnie Financière Jousset and the SMAC management team in April.
OpenGate Capital was advised by Baird and Willkie Farr & Gallagher.
