LOS ANGELES--OpenGate Capital, a global private equity firm, announced today that it has signed a definitive agreement with Umicore (EBR:UMI) for the acquisition of Umicore Zinc Chemicals (“UZC”), a global leader in the production of zinc chemicals. The acquisition is expected to be complete in the second half of 2016. Terms of the transaction were not disclosed.
UZC has industrial operations in Belgium, the Netherlands, Norway, China and Malaysia. The business comprises six legal entities organized across three product lines: fine zinc powders, zinc oxide and zinc for batteries. UZC products are sold to customers around the world for use in a variety of end-applications including anti-corrosion paints, tires, pharma/chemicals, ceramics and glass, sunscreen and other products.
Andrew Nikou, founder and Chief Executive Officer at OpenGate Capital stated, “We are extremely pleased to have won the bidding process for Umicore Zinc Chemicals. This is the only truly global business in zinc-based, specialty chemicals which has enabled UZC to achieve superior market positioning. When we looked at the merits of the business, the management team, blue chip customer base and significant upside potential, we applied our team’s full resources to lock in this investment.”
Julien Lagreze, Partner at OpenGate Capital, commented, “Umicore Zinc Chemicals has many outstanding operational qualities that will provide a solid operational and investment basis for OpenGate. UZC is a leader across all product lines, has best in class EHS performance, and has established tremendous relations with customers around the world. We are extremely excited to work with the management team to enhance the business and build an even more dynamic and vibrant enterprise over the next several years.”
Umicore Zinc Chemicals is headquartered in Angleur, Belgium. It generates more than €400 million in turnover and has more than 500 employees globally.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and has a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 40 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. For more information, please visit www.opengatecapital.com.