LOS ANGELES & PARIS — OpenGate Capital, a global private equity firm, announced that its portfolio company, SMAC, has reached an agreement to sell AXTER, a subsidiary focused on the production of waterproofing membranes, to IKO of Canada. Terms of the agreement were not disclosed, and the final sale is subject to closing conditions and works council consultation.

SMAC is a global manufacturer of waterproofing and building envelope solutions with operations across two divisions: Travaux and Industrie. SMAC Travaux specializes in waterproofing solutions typically utilized on flat roofs structures and facades. SMAC Industrie manufactures bituminous membranes, skylights and resins.

The prospective sale of AXTER by SMAC fulfills OpenGate’s investment strategy by enabling SMAC to focus on its core business in waterproofing, cladding, architectural facades, and maintenance.

SMAC is headquartered in Issy-les-Moulineaux and has operations across France, Morocco, and South America and is supported by 2,900 employees.