Global private equity firm OpenGate Capital’s portfolio company, SMAC, has completed the sale of its subsidiary, AXTER, which is focused on the production of waterproofing membranes, to IKO, a specialist in global roofing and related products based in Canada.
Terms of the agreement have not been disclosed.
SMAC, a global manufacturer of waterproofing and building envelope solutions headquartered in France, is representative of OpenGate’s strong record of acquiring complex, industrial, and specifically building and construction related businesses across North America and Europe.
Andrew Nikou, OpenGate’s Founder and CEO, says: “With the successful completion of this transaction, SMAC will be able to sharpen its focus on its core operations and customer solutions. Our team at OpenGate will continue to support management of SMAC as they further execute on its business strategy and unlock future growth opportunities.”
The sale of AXTER, initially announced on 5 October, 2020, is in addition to the previously announced agreement to sell the SMAC divisions of Skydôme and Essemes Services. The Skydôme and Essemes Services transaction is expected to be completed in March 2021.
