OpenGate Capital Completes Sale of NAKAN to Westlake Chemical Corporation
OpenGate Capital, a global private equity firm, announced today that it completed the sale of NAKAN, a global PVC compounding solutions business headquartered in Reims, France, to Westlake Chemical Corporation (NYSE: WLK) on January 2nd, 2019.
Andrew Nikou, OpenGate Capital’s founder and CEO, stated, “The sale of NAKAN marks an important turning point for the NAKAN business as it joins the Westlake global platform and embarks on a new phase of growth. This exit is also an important evolution for OpenGate as we continue to prove out our lower middle market investment strategy across North America and Europe. I want to thank the entire team at NAKAN for their efforts during the past four years and wish them much success under Westlake’s stewardship.”
Sebastien Kiekert Le Moult, Partner at OpenGate, oversaw the entire lifecycle of the NAKAN investment from acquisition through transformation and realization. Kiekert Le Moult commented, “NAKAN reflects OpenGate’s middle market investment strategy and we are proud of all that has been accomplished. From executing a complete carve-out to implementing a multi-faceted operational improvement plan, NAKAN sales and margins greatly improved since acquired by OpenGate in 2015. Given all that has been accomplished, NAKAN is at the right point in its evolution to be acquired by Westlake so that it can progress further under new leadership.”
OpenGate Capital acquired NAKAN in 2015 as part of a larger acquisition of Kem One SAS in 2014, a fully integrated upstream producer of PVC resins. The acquisition of NAKAN was completed during OpenGate’s pre-fund period and was part of the legacy portfolio.
NAKAN has eight production facilities located in China, France, Germany, Italy, Japan, Mexico, Spain and Vietnam, as well as a world-class research facility in France and application laboratory in the United States. NAKAN products are used in a wide variety of applications by customers in the automotive, building and construction, and medical industries.
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, through its legacy and fund investments, has executed more than 30 acquisitions including corporate carve-outs, management buy-outs, special situations and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.
OpenGate Media Contacts
Telephone: +1 (310) 432-7000
Sitrick & Company
Telephone: +1 (310) 788-2850
OpenGate Business Development Contact
Telephone: +1 (310) 432-7000
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