OpenGate Buys PVC Producer Alfatherm
Private equity firm OpenGate Capital has agreed to acquire Italian PVC film producer Alfatherm for an undisclosed sum. Headquartered in Varese, Alfatherm is the fourth largest manufacturer of rigid, semi-rigid and flexible PVC films in Europe. The company comprised of five main business units including surface decorations, capsules and sleeves, packaging, adhesive tapes and stationery operates three manufacturing sites in the Milan area.
This is OpenGate’s sixth acquisition in the PVC sector to date. Previous investments in Europe include the former Arkema subsidiaries Kem One, Kem One Innovative Vinyls, the former Solvay subsidiary Benvic and former Tessenderlo group company Profialis. The only polymer producer among them is Kem One; the other companies are converters.
In March this year, the private equity group acquired Energi Fenestration Solutions, a North American producer of rigid PVC window profiles and patio doors. Andrew Nikou, OpenGate Capital’s CEO, said the group has built a significant presence in the European PVC sector, and Alfatherm would benefit from its deep relationships and operational insight in the market.
Alfatherm has around 400 employees and generates revenues of nearly €100 million annually.
