OpenGate Capital Sells Fiven to Kymera International
01 Agosto 2024 - 1:00AM
Business Wire
Sale Represents OpenGate’s Second Full
Realization of a European Business in 2024
OpenGate Capital (“OpenGate”), a global private equity firm,
announced today that it has completed the sale of Fiven, a
worldwide leading producer of Silicon Carbide (“SiC”) grains and
powders, to Kymera International, a portfolio company of Palladium
Equity Partners, LLC. Terms of the transaction were not
disclosed.
- OpenGate acquired Fiven in 2019 through a corporate carve-out
from Saint-Gobain and the business grew in profitability under the
guidance of OpenGate’s Operations team. Growth initiatives
included:
- Navigating a complex carve-out, which required, most notably,
setting-up standalone support functions, legal entities and new
supply agreements;
- Improving sales mix, with a specific focus on specialty
products, including high-purity silicon carbide for semiconductors,
Li-on batteries and defense applications;
- Implementing a value-based pricing across the customer
portfolio;
- Developing a clear ESG roadmap to ensure Fiven’s best-in-class
industry positioning.
“Our work over the past five years with Fiven’s CEO Falk Ast and
his team has been incredibly rewarding,” said Julien Lagrèze,
Partner and Head of Europe at OpenGate. “Through our dedicated
partnership, we’ve led Fiven on a journey of disciplined growth. I
want to thank the team at OpenGate for their collaboration on this
investment, including our M&A team led by Fabien Marcantetti,
Managing Director, Xavier Lambert, Principal, and Damien Faujour,
Senior Associate; and our Operations team led by Marc Veillas,
Managing Director, and Stéphane Feldmann, Principal. I’m confident
that the business is primed for continued success.”
Fiven CEO, Falk Ast, stated, “Thank you to the OpenGate team for
their tremendous partnership throughout the entire process and to
the hardworking team at Fiven for their contributions. Our close
collaboration with OpenGate propelled Fiven’s position as a global
leader within the industry, and we are excited about the company’s
future with Kymera.”
Fiven SiC grains and powders offer unique properties of
hardness, thermal resistance, wear resistance, thermal
conductivity, and chemical inertness. Fiven products are sold to a
diverse customer base across Europe, South America, and North
America for use in a wide array of applications including
metallurgy, refractory materials, filtration products, and
technical ceramics. Fiven has a global manufacturing footprint
across Norway, Belgium, and Brazil and is headquartered in Oslo,
Norway.
OpenGate Capital was advised by Baird and Willkie Farr &
Gallagher LLP.
The exit of Fiven marks OpenGate’s second full realization in
2024 following the sale of SMAC, a French waterproofing and facades
business which OpenGate sold to Compagnie Financière Jousset and
the SMAC management team in late April 2024.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in
the acquisition and operation of businesses to create new value
through operational improvements, innovation, and growth.
Established in 2005, OpenGate Capital is headquartered in Los
Angeles, California with a European office in Paris, France.
OpenGate’s professionals possess the critical skills needed to
acquire, transition, operate, build, and scale successful
businesses. To date, OpenGate Capital has executed more than 40
platform acquisitions across North America and Europe. To learn
more about OpenGate, please visit www.opengatecapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240731745120/en/
OpenGate Media Contacts:
Prosek Partners Email: Pro-opengate@prosek.com
Alanna Chaffin Head of Investor Relations & Communications
Email: AChaffin@opengatecapital.com Telephone: +1 310-432-7000
OpenGate Origination Contact:
Joshua Adams Partner Email: jadams@opengatecapital.com
Telephone: +1 310-432-7000