OpenGate to Buy Belgian Window MakerMonday, October 8, 2012
OpenGate Capital LLC has agreed to acquire Profialis, a Belgian supplier of windows and doors to Europe’s building and construction industry.
The Century City investment firm said late Sunday that Profialis, in Oeselgem, Belgium, has more than 300 employees at production facilities at its headquarters city and Clerval, France. The company also has sales offices in Poland and Hungary. Tessenderlo Group is selling Profialis in order to focus on core businesses, it said.
“Profialis is a business with solid fundamentals, strong market position, and a stable base of loyal customers,” Andrew Nikou, OpenGate chief executive, said in a statement. “We’re excited to work with management to build on the strengths of the business and to create significant value with particular focus in France and Benelux, the company’s flagship markets.”
Financial terms were not disclosed. The transaction is expected to close within 60 days.