OpenGate Capital has agreed to acquire Nicholasville, Kentucky-based Sargent and Greenleaf, a maker of electronic locks, from Stanley Black & Decker. No financial terms were disclosed. The deal is expected to close in the first quarter of this year.
LOS ANGELES & PARIS–(BUSINESS WIRE)–OpenGate Capital, a global private equity firm, announced today that it has signed an agreement to acquire Sargent and Greenleaf (“S&G”) from Stanley Black & Decker (NYSE: SWK). The transaction is anticipated to be completed in Q1 2019. Financial terms were not disclosed.
S&G is a leading brand in the specialized high security lock industry. Founded in 1857 and headquartered in Nicholasville, Kentucky, the business has approximately 120 employees globally with a vast distribution footprint that enables S&G to sell its products into more than 100 countries. S&G designs and manufactures innovative, high-quality mechanical and electronic locks for safes, vaults, safe deposit boxes and highly sensitive environments. Customers are varied across many segments including banking, cash transit, residential security, railroad / utilities and government security segments. S&G is a pioneer in the high security industry, inventing several industry firsts, and has a leading innovation and digital platform that consistently brings new and improved products and features to the market. S&G was the winner of Security Magazine’s “Security Products 2018 New Product of the Year,” and “2017 New Product of the Year Award.”
Andrew Nikou, OpenGate Capital’s founder and CEO, commented, “We are extremely pleased to have reached an agreement to acquire S&G from Stanley Black & Decker. We have already started to review how our newly launched OGx capability can drive innovation into the business through technological enhancements as part of our full potential strategy and believe real growth can be achieved.”
Matthias Gundlach, the Managing Director at OpenGate Capital responsible for leading the transaction, commented, “We are proud to partner with Stanley Black and Decker on this transaction. S&G represents in many ways the key hallmarks of an OpenGate Capital deal: it is a market leader, with a trusted brand, successfully competing on a global basis.”
Paul Bridwell, the Managing Director at OpenGate Capital responsible for managing and supporting operations of the firm’s investments in North America, stated, “We are excited to partner with the team at S&G and build upon their rich legacy of successful innovation. We look forward to accelerating the company’s growth through strengthening S&G’s commercial reach and applying new technologies to its broad and deep product line.”
The acquisition of S&G is expected to be completed in Q1 2019.
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 buy-outs, special situations and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.