Business Wire


OpenGate Capital Completes Sale of SMAC

OpenGate Capital (“OpenGate”), a global private equity firm, announced today that it has completed the sale of SMAC, a provider of waterproofing and building envelope systems, to Compagnie Financière Jousset (“CFJ”) and the SMAC management team. Terms of the transaction were not disclosed.

SMAC was established in 1884 and has grown into a leader in the French waterproofing and facades market. OpenGate acquired the business in 2019 from Colas Group, a subsidiary of Bouygues SA.

Following the carve-out and stabilization of SMAC in the first year of investment, OpenGate embarked on a three-prong approach to sell the manufacturing (“Industrie”) business lines in 2020 and 2021 and achieved the following results:

  • March 2021: Axter (membranes business) was sold to IKO
  • April 2021: Skydôme (skylights business) was sold to Kingspan
  • January 2022: Résipoly (resins business) was sold to MAPEI

After the disposals of the Industrie business lines, SMAC was then able to focus on its core “Travaux” (installation) business, which had breakeven EBITDA at acquisition and, through the implementation of key operational initiatives, reached €32+ million by the end of 2023.

“SMAC is a great example of our highly collaborative origination, M&A, and operations strategy in action,” said Julien Lagrèze, Partner and Head of Europe at OpenGate. “I want to thank our M&A team led by Fabien Marcantetti, Managing Director, Xavier Lambert, Principal, and Damien Faujour, Senior Associate; and our Operations team led by Marc Veillas, Managing Director, and Stéphane Feldmann, Principal. I would also like to acknowledge the invaluable contribution of the SMAC management team for their efforts in achieving a full turnaround of the business. We look forward to seeing SMAC’s continued growth as it embarks on its next chapter with CFJ.”

SMAC’s CEO, Franck Davoine commented, “I would like to thank OpenGate Capital for their trust and support since 2019 and throughout SMAC’s evolution towards a solid, profitable, and responsible business model. Over the years, the OpenGate teams have worked alongside us and contributed to the achievement of our strategic objectives and ultimately to our overall value creation. Our ambition is to continue adapting our services to the changing expectations of our customers while accelerating our position in growing markets. We have a particular focus on environmentally sensitive building projects which play a key role in the prevention of global warming - an area in which SMAC is an important player. SMAC’s vibrant growth prospects are evidenced by our plans to hire more people that wish to participate in the energy transition and create the future of energy efficient building envelopes.”

Frédéric Jousset, founder of CFJ added, “CFJ is proud to team up with a 140 year old leader and innovator in the industry. With a history spanning over three centuries, two wars, and a global pandemic, SMAC has demonstrated outstanding resilience due to the strength of its human capital, deep technical expertise, and a great reputation among its peers for safety, quality, and reliability. Upward and onward toward a billion in revenues, which is our joint ambition with the management team for the group.”

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 has executed more than 40 platform acquisitions across North America and Europe. To learn more about OpenGate, please visit

About CFJ

CFJ is an investment holding company owned by Frédéric Jousset and dedicated to Private Equity. Based in Luxemburg, CFJ invests its own equity in industrial, services or technology companies with solid fundamentals and strong growth potential.

CFJ closely partners with each management team to support their vision and ambitious projects.

CFJ aims at creating value combined with positive human and environmental impact through long-term capital, and in-depth strategic and operational support to its portfolio companies.

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