Private equity firm OpenGate Capital announced Monday it purchased the zinc products wing of Belgian materials technology company Umicore for $150 million.
OpenGate’s purchase of Umicore Zinc Chemicals - which has been rebranded as EverZinc - is the largest investment made by the Century City outfit since it was founded in 2005, and the fifth acquisition from its $305 million institutional fund.
“EverZinc is yet another example of OpenGate executing on our strategy to build new value in businesses that have untapped potential,” Andrew Nikou, founder, managing partner and chief executive at OpenGate Capital said in a statement.
The firm said the company, which specializes in making fine zinc powders, zinc oxide, and zinc for batteries, had approximately $425 million in annual revenue and 500 employees worldwide.
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