Century City’s OpenGate Capital said Friday it had won a bid to take over bankrupt European plastics manufacturer Kem One SAS, its third deal in the European plastics market this year.
Financial details of OpenGate's acquisition of the company were not disclosed, though an OpenGate statement said the transaction was being done in partnership with chemical industry veteran Alain de Krassny.
Kem One makes plastic resin used by other manufacturers and has annual revenue of about $1.1 billion, according to OpenGate, making it by far the buyout firm’s biggest portfolio company. Before the deal, OpenGate had reported its portfolio companies had combined revenue of about $2 billion.
Kem One was spun out of Colombes, France, firm Arkema last year and acquired by Geneva conglomerate Klesch Group. Klesch held onto Kem One for less than a year before filing for bankruptcy and claiming Arkema had provided false information.
Earlier this week, OpenGate announced it had reached an agreement to purchase Benvic, a specialty plastics manufacturer with operations in France, Italy and Spain. And in February, OpenGate acquired plastic door- and window-frame maker Profialis of Paris.