The global private equity firm OpenGate Capital has acquired Alfatherm SpA, the Italy-based manufacturer of rigid, semi-rigid and flexible PVC films, from Emerald and PM & Partners for an undisclosed amount. The acquisition is expected to be complete in late June.
Established more than 50 years ago, Alfatherm is the fourth largest European PVC film manufacturer, focused on the production and sale of rigid, semi-rigid and flexible PVC foils that are used for various applications. The business operates three manufacturing sites in the Milan area and has long-term customer relations that reach across 60 countries. Alfatherm products are concentrated across five main business units including surface decorations, capsules and sleeves, packaging, adhesive tapes and stationery.
Andrew Nikou, founder, managing partner and CEO at OpenGate Capital stated, “Alfatherm is an exciting opportunity for OpenGate Capital given our historical investments in the European PVC sector. Through our pre-fund and fund investments we have built a significant European presence that has enabled us to source incredible opportunities for businesses with untapped potential. Alfatherm will benefit from our deep relationships and operational insight in the PVC market.”
OpenGate Capital has previously invested in the PVC chemical space through several, pre-fund acquisitions in Europe including Kem One SAS, Kem One Innovative Vinyls, Benvic and Profialis. In March of this year, OpenGate announced that through its private equity fund it acquired Energi Fenestration Solutions, a North American manufacturer of rigid PVC window profiles and patio doors. OpenGate will leverage its extensive PVC industry knowledge to enhance the overall operations of Alfatherm.
Alfatherm is headquartered in Varese, Italy, generates nearly Euro 100 million in revenue, and has approximately 400 employees.
