Colas group to sell its waterproofing business to OpenGate Capital
Colas Group announced today that it has agreed to sell SMAC to an affiliate of OpenGate Capital. Financial terms of the agreement were not disclosed. The divestiture is expected to be complete in the next 60-90 days.
SMAC is headquartered in Issy-les-Moulineaux, France, and is a global manufacturer of waterproofing and building envelope solutions with two divisions: SMAC Travaux and SMAC Industrie.
After Colas Group’s acquisitions of Miller McAsphalt and Alpiq's rail subsidiaries in 2018, Colas is refocusing on its strategic activities: transport infrastructure and construction materials. The sale of SMAC will reduce Colas revenues by an estimated €600 million but is not expected to have a significant impact on Colas' operating income.
Upon OpenGate Capital’s completion of acquiring SMAC, the business will join a global portfolio of businesses which includes other industrial companies that provide building materials and solutions.
This agreement has already been approved by Employee Representatives at SMAC and Colas. Its full completion remains subject to the approval of merger control authorities, including the French Competition Authority.
