French waterfproofing business SMAC Group, backed by US private equity firm OpenGate, has sold its French subsidiary Axter to IKO Industries, a Belgian manufacturer of residential and commercial roofing products and insulation.
The acquisition will complement IKO's position in the European waterproofing and insulation business.
OpenGate carved out SMAC from French road construction company Colas in February 2019. The division specialises in waterproofing and building envelope services. OpenGate deployed equity from OpenGate Capital Partners II, which held a final close on $585m in November 2019.
An information and consultation process is currently underway and is due to be completed before the deal is finalised.
Founded in 1990 and based in Courchelettes, Axter designs, manufactures and markets waterproofing systems for flat roofs, as well as for public works and civil engineering structures. The company exports its products and services to 50 countries and employs 200-400 staff, according to its LinkedIn page.
IKO Industries – Hartley Koschitzky (CEO).
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