Los Angeles-based global private equity firm OpenGate Capital has acquired the fourth largest European manufacturer of polyvinyl chloride film, a synthetic plastic polymer used in products like packaging, adhesive tape and stationary, the company announced today.
The company didn’t disclose the terms of the deal with Alfatherm S.p.A., which is headquartered in Varese, Italy and has a revenue of 100 million euros.
An OpenGate Capital spokesperson was unavailable for comment.
The announcement came a week and a half after OpenGate Capital, a turnaround specialist, signed an agreement with the shareholders and current debt holders for the acquisition, Emerald and PM & Partners, a private equity manager based in Italy.
“We are very proud to announce this transaction and excited to unleash a new period of growth for Alfatherm which has done remarkably well under challenging market conditions,” said Fabien Marcantetti, an OpenGate principal based in Paris in a press release.
Although OpenGate operates businesses in many industries, it acquired North American-based polyvinyl chloride manufacturer Energie Fenestration Solutions, earlier this year.
Alfatherm, which was established over 50 years ago, produces and sells rigid, semi-rigid and flexible polyvinyl chloride film that is used in surface decorations, capsules and sleeves, packaging, adhesive tape, and stationary. It has three manufacturing sites in Milan and customers in 60 countries, according to a press release.
OpenGate Capital, which has completed over 40 transactions since was founded in 2005, began considering acquiring the Italian company almost three years ago, according to OpenGate chief executive and founder Andrew Nikou.
“I am incredibly proud of our team for staying the course over the past two and a half years, and welcome Alfatherm into the OpenGate family of companies,” Nikou said in a press release.