OpenGate Capital Fully Exits Investment in EverZinc
OpenGate Capital, a global private equity firm, announced that it has exited its investment in EverZinc, a global provider of specialty zinc materials, through a sale to U.S. Zinc, a portfolio company of Aterian Investment Partners. Terms of the investment were not disclosed.
EverZinc is headquartered in Liège, Belgium and has industrial operations in Belgium, Canada, the Netherlands, Norway, China, and Malaysia. EverZinc specializes in four product lines: fine zinc powders, zinc oxide, zinc for batteries, and Zano®, an ultra-fine zinc oxide. EverZinc products are sold to customers around the world for use in a variety of applications, including anti-corrosion paints, tires, pharmaceutical chemicals, ceramics and glass, and sunscreens.
The business is led by CEO, Vincent Dujardin, and was acquired by OpenGate Capital in 2016 through a corporate carve-out from Umicore. During OpenGate's ownership, EverZinc grew EBITDA by 2x, and expanded its product mix and geographic footprint, all while further strengthening its ESG attributes.
Julien Lagrèze, OpenGate Partner and Head of Europe, commented on the transaction, stating, "When we acquired EverZinc, we believed the business had tremendous potential for geographic expansion and innovation, and, under Vincent's leadership, new products were developed and new markets penetrated, which re-positioned the company for growth and enhanced profitability. It has been a truly rewarding experience working with Vincent and his team, and we're confident that EverZinc is in great hands as it embarks on a new phase of growth."
EverZinc will join U.S. Zinc, a global zinc chemistry and material science business, manufacturing diversified zinc products including zinc oxide, zinc powder, and zinc metal used in end markets such as tires, chemicals, coatings, and agriculture.
Commenting on the sale, Dujardin stated, "I am incredibly proud of leading EverZinc, which is an innovative, diverse, and global business that is supported by an incredibly dedicated team of people. I am confident that the business will have much success with U.S. Zinc."
Jefferies served as lead financial advisor and Stifel served as financial advisor to OpenGate Capital.
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 40 acquisitions across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.
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