Private equity firm OpenGate Capital has sold Omniplast to a group of European investors composed of Reedcapital, Luigi M Chiaraviglio, and Swiss Merchant Corporation.
Omniplast was acquired by OpenGate in 2015 through the firm’s original, pre-fund investment in Ivy Group. Financial terms have not been disclosed.
Andrew Nikou, OpenGate Capital’s founder and CEO, says: “We believe that Omniplast stands for global innovation in the fields of piping and fitting systems. I am incredibly proud of the efforts of OpenGate’s European team in the four years since acquiring Omniplast and have now fulfilled our mandate to exit the business at an ideal time. I wish the entire team at Omniplast an abundance of success under their new owners’ stewardship.”
The team at OpenGate Capital responsible for this investment and realisation included: Julien Lagrèze, Partner; Sebastien Kiekert Le Moult, Partner; Marc Veillas, Managing Director; and Jonny Leppin, Senior Vice President.
Renaud Delaage, Partner at Reedcapital, says: “Omniplast has a tremendous management team that will benefit greatly from the operational resources and entrepreneurial spirit that we will provide. We have a clear path to grow this business organically and through add-on acquisitions.”
Chiaraviglio adds: “We are excited to contribute to the growth of this niche leader, whose products are exported globally, into its next phase of development.”
“We brought together investors sharing our philosophy of long-term value creation,” says Filippo Sciorilli Borrelli, Managing Director of Swiss Merchant Corporation. Borrelli went on to say: “We are eager to start this journey.”
Luigi M. Chiaraviglio and Renaud Delaage led the transaction. Sciorilli Borrelli led the equity syndication for Swiss Merchant Corporation and played a key role in the execution.
Omniplast has earned a strong reputation and a loyal customer base within the agricultural and greenhouse sector. The business produces and distributes pressure and non-pressure PVC piping systems for the transportation of gases and fluids. Within its diverse product portfolio, Omniplast has developed five quality standards from three-layer non-pressure pipes, to irrigation and KIWA pressure pipes, to pipe-related specialties. The business is supported by forward integrated logistical solutions enabling efficient packaging and transportation. Headquartered in Veghel, The Netherlands, Omniplast has approximately 60 employees.
OpenGate Capital acquired Omniplast through its legacy, pre-fund portfolio as one of three businesses within Ivy Group. At acquisition, Omniplast had two entities in The Netherlands and Germany, which were separated in 2018 as part of a strategy to maximize each entity’s value. The German business, which specializes in PVC pipes for the residential market, was not included in the transaction.
The realisation of Omniplast follows OpenGate Capital’s announcement that NAKAN, another division within Ivy Group, had been sold to Westlake Chemical Corporation in January of 2019.