Oct 8 2012
OpenGate Capital, LLC, a private investment and acquisition firm, announced today it has signed an agreement with Tessenderlo Group (NYSE Euronext: TESB) to acquire Profialis, a major supplier of extruded PVC window and door profiles to the building and construction industry in Europe.
Tessenderlo Group, the parent company of Profialis, is divesting the business as part of an ongoing strategy to focus on the food, agriculture, water management and valorizing bio-residuals aspects of their business. The transaction is expected to close within 60 days. No financial terms were disclosed.
Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO, stated, “Profialis is a business with solid fundamentals, strong market position, and a stable base of loyal customers. We’re excited to work with management to build on the strengths of the business and to create significant value with particular focus in France and Benelux, the company’s flagship markets.”
Profialis divides its activities in three groups: fenestration, shutter systems and other interior and exterior finishing products and services. The business has more than 300 employees in its production facilities in Clerval, France, and Oeselgem, Belgium, and sales offices in Poland and Hungary.
OpenGate Capital’s European Partners Julien Lagrèze, Robert Lezec and Sebastien Kiekert Le Moult led the transaction and will work closely with the company to strengthen its operational and financial performance.
Source: http://www.opengatecapital.com