Century City-based private equity firm OpenGate Capital has agreed to sell off a division of portfolio company SMAC, a global manufacturer of waterproofing and building envelopes based in France.
OpenGate, which acquired SMAC more than two years ago, announced on April 14 that it had reached a deal to unload a portion of the company that specializes in skylights to Kingspan Light + Air, a division of Irish-based building materials firm Kingspan Group Plc.
Terms of the agreement were not disclosed.
The sale of the skylights division includes two business lines. The first features Skydome, a subsidiary focused on the production of daylighting, ventilation, smoke evacuation and roofing access systems.
The second line is Essemes Services, a division within Skydome specializing in the installation of skylights and the maintenance of fire safety equipment.
OpenGate acquired SMAC from Paris-based Colas Group in May of 2019.
The sale of the skylights division represents the second SMAC unit sold by OpenGate this year. Last month, OpenGate sold SMAC’s Axter unit, which makes waterproofing membranes, to shingle manufacturer IKO Industries Ltd. of Canada.
“The sale of Axter and the skylights division marks the fulfillment of an important aspect our original investment thesis for SMAC,” Andrew Nikou, OpenGate Capital founder and chief executive officer, said in a statement. “Having completed both sales processes in less than two years after acquiring the business, we are enthusiastic about potential add-on investments and many new opportunities ahead for SMAC.”
The sale of the skylights division enables SMAC to focus on its core Travaux business that specializes in waterproofing solutions typically utilized on flat roof structures and facades.
OpenGate has been seeing a brisk pick-up in M&A activity this year.
Also last month, OpenGate agreed to buy the ScioTeq and Treality Simulation Visual Systems divisions from TransDigm Group Inc. in Cleveland. ScioTeq and Treality manufacture “visualization solutions” for military and air traffic control markets.
In March, OpenGate portfolio company Duraco Specialty Tapes purchased Illinois-based Filmquest Group from a private seller. Filmquest makes polyester and specialty films.
OpenGate has made more than 30 acquisitions since its founding in 2005 and has seen a steady uptick in its portfolio activity this year.
