OpenGate to Sell NAKAN to Westlake Chemical Corporation

September 27, 2018

Willkie represented OpenGate Capital in the transaction.

Willkie’s Paris office advised OpenGate Capital on the contemplated sale of NAKAN, a global PVC compounding solutions business headquartered in France to Westlake Chemical Corporation (NYSE: WLK).

NAKAN has eight production facilities located in France, China, Germany, Italy, Japan, Mexico, Spain and Vietnam, as well as a research facility in France and application laboratory in the United States. NAKAN products are used in a wide variety of applications by customers in the automotive, building and construction, and medical industries.

OpenGate Capital acquired NAKAN in 2015, through the acquisition of Ivy Group, during the firm’s pre-fund, legacy investment period. Ivy Group, formerly known as Kem One Innovative Vinyls, was acquired through a French administration process that originated with a complex acquisition of Kem One SAS in 2014, a fully integrated upstream producer of PVC resins.

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.

Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and fabricated building products. In 2017, it generated a turnover of over $4.4 billion. The company is the largest producer of low-density polyethylene (LDPE) in the US and is listed on the New York Stock Exchange.

The Willkie team was led by partner Lionel Spizzichino and included national partner Gabriel Flandin and associates Hugo Nocerino, Batiste Saint-Guily and Mathilde Vannson.