Global private equity firm OpenGate Capital has announced it is acquiring Italy-based PVC film company Alfatherm SpA from Emerald and PM & Partners, the company's shareholders and current debt holders.
The deal is expected to be complete in late June and no financial details have been disclosed.
Alfatherm has three manufacturing sites in Milan and focuses on the five main business areas of surface decorations; capsules and sleeves; packaging; adhesive tapes; and stationery.
Andrew Nikou, founder, managing partner and CEO at OpenGate Capital said: “Alfatherm is an exciting opportunity for OpenGate Capital given our historical investments in the European PVC sector. Through our pre-fund and fund investments we have built a significant European presence that has enabled us to source incredible opportunities for businesses with untapped potential. Alfatherm will benefit from our deep relationships and operational insight in the PVC market.”
OpenGate Capital also has PVC investments in Europe through the companies Kem One SAS, One Innovative Vinyls, Benvic and Profialis. Earlier this year, OpenGate acquired Energi Fenestration Solutions, a North American manufacturer of rigid PVC window profiles and patio doors. OpenGate said it will leverage its "PVC industry knowledge to enhance the overall operations of Alfatherm."
Alfatherm sees yearly sales of nearly 100 million euros ($112.7 million) and has approximately 400 employees.
OpenGate Capital is headquartered in Los Angeles and has a European office in Paris, France.