OpenGate Capital sells SMAC to Compagnie Financière Jousset

OpenGate Capital, a prominent global private equity firm, has successfully completed the sale of SMAC, a leading French provider of waterproofing and building envelope systems. The acquisition was made by Compagnie Financière Jousset (CFJ) in partnership with the management team of SMAC. The financial details of the deal remain undisclosed.

Founded in 1884, SMAC has established itself as a dominant force in the French market for waterproofing and facades. The company’s journey under OpenGate Capital began in 2019 following its acquisition from Colas Group, a Bouygues SA subsidiary.

OpenGate Capital took a strategic approach to divest SMAC’s manufacturing divisions, known as “Industrie,” over 2020 and 2021, resulting in the sale of its membranes business, Axter, to IKO in March 2021; its skylights business, Skydôme, to Kingspan in April 2021; and its resins business, Résipoly, to MAPEI in January 2022. This allowed SMAC to concentrate on its core installation business, “Travaux,” which saw a significant increase in EBITDA, reaching over €32 million by the end of 2023.

Julien Lagrèze, Partner and Head of Europe at OpenGate, praised the collaborative efforts that led to the successful turnaround of SMAC. He extended his gratitude to the M&A and Operations teams for their pivotal roles in the process. Franck Davoine, CEO of SMAC, expressed his appreciation for OpenGate Capital’s support, which was instrumental in transforming SMAC into a robust, profitable, and environmentally conscious enterprise.

Frédéric Jousset, the founder of CFJ, expressed pride in partnering with a company as resilient and innovative as SMAC. With a storied history of overcoming challenges, including wars and a pandemic, SMAC is poised for continued growth and is committed to contributing to the global effort against climate change by focusing on energy-efficient building projects.

The transition marks a new chapter for SMAC as it aims to expand its workforce and reinforce its commitment to sustainable development, aligning with the rising demand for green building solutions. The management team, together with CFJ, sets an ambitious goal of reaching a billion in revenues, reflecting confidence in SMAC’s future trajectory.

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