OpenGate Acquires Umicore Zinc Chemicals
Private equity firm OpenGate Capital has acquired Umicore Zinc Chemicals for an undisclosed sum. The leading global producer of specialty zinc chemicals has been renamed as EverZinc with immediate effect. Headquartered in Angleur, Belgium, EverZinc has revenues of above €400 million and employs more than 500 people worldwide. The group specializes in three product areas – fine zinc powders, zinc oxide and zinc for batteries – with operations in Belgium, the Netherlands, Norway, China and Malaysia.
Founder, managing partner and CEO of OpenGate Capital, Andrew Nikou, said EverZinc is another example of the equity firm carrying out its strategy to build new value in businesses with untapped potential. He commented: “With EverZinc’s global footprint, diverse industry applications and long-standing customer base, this is an exciting investment at a great time in a global market.”
EverZinc represents OpenGate’s fifth acquisition this year, following those of Power Partners, Energi Fenestration Solutions, Bois & Materiaux and Alfatherm. Last month, OpenGate became the major shareholder in Kem One Innovative Vinyls, in which it now holds a 70% stake. The company, which holds the former vinyls activities of French group Arkema, has been renamed as IVY Group.
OpenGate said it will support IVY Group’s objective to increase its presence in growing market segments where innovation is needed, such as in sharper product specifications, specific technical assistance and new logistics needs. IVY Group is focused on technical blends around PVC and thermoplastic elastomers through its Nakan division, PVC profiles through Alphacan and piping systems through Omniplast. Group sales are roughly €350 million annually.
