Acquisition Open Gate Capital Takes over European Zink–Based Chemicals Specialist UZC
The acquisition of Belgium-based of Umicore Zinc Chemicals (UZC) places the global private equity firm in a unique position on the specialty chemicals market, Open Gate CEO Andrew Nikou states.
Los Angeles, California/USA – Open gate has won the bidding process for Umicore Zinc Chemicals (UZC): By late 2016, the company from Angleur, Belgium, shall be sole property of the global private equity firm.
UZC has industrial operations in Belgium, the Netherlands, Norway, China and Malaysia. The business comprises six legal entities organized across three product lines: fine zinc powders, zinc oxide and zinc for batteries. UZC products are sold to customers around the world for use in a variety of end-applications including anti-corrosion paints, tires, pharma/chemicals, ceramics and glass, sunscreen and other products.
Andrew Nikou, founder and Chief Executive Officer at OpenGate Capital stated, “Umicore Zinc Chemicals is the only truly global business in zinc-based, specialty chemicals which has enabled UZC to achieve superior market positioning. When we looked at the merits of the business, the management team, blue chip customer base and significant upside potential, we applied our team’s full resources to lock in this investment. ”
Umicore generates more than € 400 million in turnover and has more than 500 employees globally.