OpenGate Capital acquired Speciality Tapes business from Essentra for £61m.

OpenGate Capital, a private equity firm, completed the acquisition of Speciality Tapes business from Essentra, a global provider of essential components and solutions for £61m. The consideration, which is subject to the usual adjustments for net debt and working capital at closing, will be payable on completion of the transaction and will be satisfied fully in cash. "The sale of Speciality Tapes represents another significant move in the simplification of our portfolio. With OpenGate having the investment resource to build on the unique capabilities of Speciality Tapes and to further diversify its end-market exposure, the transaction both represents good value for Essentra's shareholders and provides the business with a strong platform for future successful growth," Paul Forman, Essentra Chief Executive.