OpenGate buys EverZinc in €142.4m EV deal

Following the deal, which gives the business an enterprise value of €142.4m, Umicore will focus on growing its clean mobility and recycling activities, following a reported plunge in earnings.

The GP has acquired a controlling stake in the business, which will be rebranded as EverZinc.

German lender Deutsche Bank provided a unitranche debt facility to support the transaction.

The transaction marks the third European acquisition for the GP's first vehicle, Fund I, in 2016. It follows the purchases of French building material business Bois & Matériaux in March and Italian PVC films manufacturer Alfatherm in June.

Company
Founded in 1989 and headquartered in Angleur, Belgium, EverZinc produces fine zinc powders, zinc oxide and zinc for batteries. It focuses on several applications, including anti-corrosion paints, tires, pharmaceutical chemicals, ceramics and glass.

The company has industrial operations in Belgium, the Netherlands, Norway, China and Malaysia. It generated €400m in revenues, according to a statement, and has 580 employees.

People
OpenGate Capital – Andrew Nikou (founder, managing partner, CEO); Julien Lagrèze (partner); Fabien Marcantetti (principal).
Umicore – Marc Grynberg (CEO).

Advisers
Equity – Lincoln International (debt).
Vendor – BNP Paribas (M&A); Cleary Gottlieb Steen & Hamilton (legal).

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• Topics
• Buyouts
• Industrials
• Benelux
• OpenGate Capital
• Belgium