ScioTeq part of the OpenGate Capital family

01/03/2021 - 02/03/2021
ScioTeq and OpenGate Capital logo

Official press release ScioTeq

ScioTeq, de Kortrijkse visualisatie specialist actief in de luchtvaart, Air Traffic Control en de Defense & security markt, wordt overgenomen door de Amerikaanse Private Equity speler OpenGate Capital. OpenGate Capital neemt alle activiteiten van ScioTeq en het bijhorende Treality over van het Amerikaanse bedrijf TransDigm.

Voor ScioTeq was 2020 opnieuw een financieel recordjaar wat mee de grote interesse in het bedrijf verklaart. De afgelopen jaren heeft ScioTeq zijn operationele en financiele performantie enorm verbeterd mede dankzij de centralisatie van de productie activiteiten in Kortrijk evenals een verhoogde product focus. 

We zijn dan ook enorm enthousiast met deze overname, en kijken er naar uit deel uit te maken van het portfolio van OpenGate Capital. We zijn ervan overtuigd hiermee onze top-positie als preferentiële visualisatie partner in de markt nog verder te verstevigen en uit te bouwen. Sinds de zomer hebben 35 mensen ons team versterkt, en met ons goed gevuld order boek zijn we nog steeds op zoek naar 10 extra werknemers” zegt Frank Timmermans, President van ScioTeq.

ScioTeq en Treality blijven hun bedrijfsnaam behouden in de markt. Voor de meer dan 400 werknemers betekent de overname een bestendiging van de activiteiten in alle wereldwijde sites.

OFFICIAL press release OpenGate Capital

OpenGate Capital, a global private equity firm, announced today that it has signed a definitive agreement to acquire the ScioTeq and TREALITY Simulation Visual Systems (“TREALITY”) businesses from TransDigm Group Incorporated (NYSE: TDG). The acquisition is subject to regulatory approvals and customary closing conditions. Terms of the agreement were not disclosed.

ScioTeq and TREALITY develop and manufacture advanced visualization solutions primarily for the global defense, air traffic control, and security end markets. Combined, the businesses have approximately 450 employees and primary operations in Belgium and the United States.

Commenting on the acquisition agreement, OpenGate Capital’s Founder and Chief Executive Officer Andrew Nikou stated, “We are very excited to have reached this agreement with TransDigm. ScioTeq and TREALITY are both well-established businesses and represent the type of investment where we can utilize our global operations team to build upon the success of these businesses and guide them toward a new chapter of growth.”

TransDigm Group is divesting the businesses to realign their core business strategy. The acquisition is expected to be complete within the second quarter of 2021.

Lazard Frères & Co. LLC acted as OpenGate Capital’s exclusive M&A and Financing advisor, Morgan, Lewis & Bockius LLP served as Legal counsel, while Deutsche Bank AG is the sole arranger of the senior secured acquisition financing facility.

 About OpenGate Capital

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. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build, and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions including corporate carve-outs, management buyouts, special situations, and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.

OFFICIAL press release TransDigm

TransDigm Plans to Divest ScioTeq and TREALITY Businesses to OpenGate Capital. 

TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, announced today it has entered into a definitive agreement to sell its ScioTeq and TREALITY Simulation Visual Systems businesses (collectively, "the businesses") to OpenGate Capital in a transaction valued at approximately $200 million.

ScioTeq and TREALITY were acquired by TransDigm in March 2019 as part of the Esterline Technologies acquisition. The businesses develop and manufacture advanced visualization solutions primarily for the global defense, air traffic control, and security end markets. ScioTeq and TREALITY have approximately 450 employees and operate primarily from Belgium, with secondary locations in the United States. The businesses generated revenues of approximately $135 million for the fiscal year ended September 30, 2020.

W. Nicholas Howley, Executive Chairmen commented, "As previously communicated, we have been considering potentially divesting a few primarily defense, former Esterline businesses that do not align well with TransDigm's strategy. As such, we are pleased to have an agreement for the divestiture of the ScioTeq and TREALITY businesses. These are well established businesses in the defense industry, and we are confident that their customers will continue to be well-served as we work toward a successful completion of the transaction." The divestiture, which is subject to regulatory approvals and customary closing conditions, is expected to be completed during the third quarter of our fiscal 2021.

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