Global private equity firm based in Century City OpenGate Capital recently completed the sale of Five To Kymera International.

The sale – terms of which were not disclosed – follows a five-year partnership between Fiven – a leading manufacturer of silicon carbide grains and powders – and OpenGate, which acquired the company in 2019 following its spin-off from Saint-Gobain. Kymera is a global supplier of specialty materials.

Josh AdamsPartner at OpenGate, said that under the acquisition of the company, Fiven’s profitability had doubled from almost 20 million euros. in earnings before interest, taxes, depreciation and The amortization (EBITDA) is expected to exceed 40 million euros by the end of the partnership.

“OpenGate is very focused on value creation,” said Adams. “(Our) goal is to significantly increase profits in terms of gross margin and EBITDA margin.”

With that in mind, Adams points out that this particular deal is quite representative of OpenGate’s typical investment model, which specializes in complex corporate spin-offs.

According to OpenGate, paving a growth path for Fiven in recent years has required fine-tuning product pricing and sales mix, implementing an environmental, social and governance roadmap, and developing independent partnerships across the industry following the spin-off of Fiven.

Managing Director of Fiven Falk Ast thanked OpenGate for its support in expanding Fiven’s reach.

“Our close collaboration with OpenGate has strengthened Fiven’s position as a global leader in the industry and we look forward to the company’s future with Kymera,” Ast said in a statement.

In addition to the growth Fiven has achieved with the help of OpenGate, Adams noted that “Kymera’s strategic appetite for the business gave us great reassurance knowing this was the right time to exit.”

Fiven explained in more detail the progress the industry has made under OpenGate’s new ownership.

“In recent years, we have significantly streamlined and improved our processes to better serve our customers with SIKA products in established applications such as metallurgy, refractories and abrasives,” says Fiven’s website. “In addition, we have also successfully launched new products for new applications in electronics, photovoltaics, passive armor and energy-efficient or emission-control technologies.”

Fiven is based in Norway and sells its products throughout Europe, South America and North America.

This deal is the second completed sale of the year for OpenGate. The company’s first transaction in 2024 was the sale of SMACa French waterproofing and facade company, at the end of April.