SMAC, a renowned provider of waterproofing and building envelope systems in France, has recently been sold by OpenGate Capital to Compagnie Financière Jousset (CFJ) and the SMAC management team. This sale marks the completion of a five-year transformation period for SMAC, setting the stage for its next phase of growth.
Under OpenGate’s ownership, SMAC underwent a significant restructuring and refocusing effort. The first year saw the carve-out and stabilization of the business, followed by the strategic divestment of various manufacturing business lines in 2020 and 2021. Notable sales include the membranes business to IKO, the skylights business to Kingspan, and the resins business to MAPEI.
Following these divestments, SMAC was able to concentrate on its core installation business, also known as “Travaux.” Through the implementation of key operational initiatives, the company achieved breakeven EBITDA at acquisition and reached a remarkable €32+ million by the end of 2023.
OpenGate Capital’s Head of Europe, Julien Lagrèze, highlighted the collaborative approach employed during the transformation period. The company’s M&A and Operations teams, as well as the SMAC management team, played vital roles in achieving a full turnaround of the business. Lagrèze also expressed confidence in SMAC’s future growth prospects as it enters a new chapter with CFJ.
Franck Davoine, CEO of SMAC, expressed gratitude towards the support and trust shown by OpenGate Capital throughout the transformation process. SMAC aims to continue adapting its services to meet evolving customer expectations while focusing on environmentally sensitive building projects. They plan to contribute to the prevention of global warming and drive energy-efficient building envelopes.
Frédéric Jousset, founder of CFJ, shared the joint ambition of SMAC and CFJ to achieve billion in revenues. CFJ recognizes the resilience of SMAC, which has thrived for over 140 years, and the company’s strong foundation in human capital, technical expertise, safety, quality, and reliability.
The sale of SMAC to CFJ signifies a new era of growth for the company, building upon its legacy and expertise. Through the collaboration of management teams and strategic investments, SMAC is poised to excel in the evolving construction industry while making a positive impact on the environment.
One of the key challenges in the construction industry is the increasing demand for environmentally friendly building projects. SMAC’s focus on adapting its services to meet evolving customer expectations and driving energy-efficient building envelopes aligns with this trend. By contributing to the prevention of global warming, SMAC can differentiate itself in the market and attract environmentally conscious customers.
Another challenge in the industry is the need for reliable and high-quality building envelope systems. SMAC’s strong foundation in human capital, technical expertise, safety, and reliability positions the company well to address this challenge. With over 140 years of experience, SMAC has built a reputation for delivering durable and effective waterproofing and building envelope solutions.
The sale of SMAC to CFJ opens up new opportunities for growth and expansion. CFJ’s founder, Frédéric Jousset, shares the joint ambition of SMAC and CFJ to achieve billion in revenues. CFJ recognizes the resilience of SMAC and the potential for further growth, indicating a positive outlook for the company’s future.
In terms of market trends, the construction industry is experiencing increasing demand for sustainable and energy-efficient building solutions. As governments and organizations push for stricter environmental regulations, companies like SMAC that prioritize environmentally sensitive projects are likely to gain a competitive edge.
Additionally, there is a growing focus on cost-effectiveness and efficiency in the construction process. SMAC’s successful restructuring and refocusing effort under OpenGate’s ownership demonstrate the company’s commitment to operational initiatives and achieving breakeven EBITDA. This focus on efficiency positions SMAC well to thrive in a market that values cost-effective solutions.
Overall, the sale of SMAC to CFJ marks a significant milestone for the company, positioning it for future growth and success in the construction industry. Through its focus on environmentally sensitive projects, technical expertise, and commitment to quality and reliability, SMAC has the potential to excel and make a positive impact in the evolving market.
For more information on OpenGate Capital and its portfolio, visit their official website: OpenGate Capital.