OpenGate Capital acquires Alfatherm from PM&Partners
OpenGate Capital, a global private equity firm, announced today that it has signed a definitive agreement with Emerald, PM & Partners and current debt holders for the acquisition of Alfatherm, a Italian manufacturer of rigid, semi-rigid and flexible PVC films. The acquisition is expected to be complete in late June. Terms of the transaction were not disclosed.
The transaction represents OpenGate’s sixth investment in the PVC chemical sector after the acquisition of Kem One SAS followed by 5 other acquisitions including Alfatherm (i.e. Kem One Innovative Vinyls, Benvic, Profialis and Energi Fenestration Solutions).
Established in 1963, Alfatherm is the fourth largest rigid PVC film manufacturer in Europe, with a strong market share in the capsules and sleeves film market. Alfatherm owns three manufacturing facilities located in the Varese province in Northern Italy and employs c. 400 people. In 2015 the Company reported net sales of c. €100m.
Sebastien Kiekert Le Moult, Partner at OpenGate Capital, commented, “The path to reaching this agreement has been achieved through a steady and committed process that began in late 2013. As with all of our transactions, we were able to structure a fair value for the Alfatherm owners and stakeholders and design an optimal operational improvement plan for the business.”
Emerald, PM & Partners and Alfatherm were advised by Alpeggiani & Associati and Rothschild. OpenGate Capital was assisted by Chiomenti, Jast-Advisor and Vitale&Co. Linklaters was the legal advisor of the banks.