Sargent and Greenleaf, which is backed by OpenGate Capital, has acquired Delaney Hardware Company, a provider of security related hardware products. The seller was HCI Equity Partners. No financial terms were disclosed.
LOS ANGELES & PARIS–(BUSINESS WIRE)–OpenGate Capital, a global private equity firm, announced today that its portfolio company, Sargent and Greenleaf (“S&G”), a specialized high security lock business, has acquired Delaney Hardware Company (“Delaney”), a leading provider of security related hardware products. The business was acquired from HCI Equity Partners. Terms of the transaction were not disclosed.
Established in 1992, Delaney designs, manufactures and distributes security related hardware, locksets and hollow metal doors for commercial and residential applications across the United States. Headquartered in Cumming, Georgia, Delaney’s combined work force includes approximately 150 people and has additional operations in Georgia, Louisiana and Texas.
S&G’s acquisition of Delaney includes its Premier Steel Doors & Frames (“Premier”) division, which is a specialty manufacturer of hollow metal security doors and frames with operations in Monroe, Louisiana; Houston, Texas; and Austell, Georgia.
The combination of S&G and Delaney creates a highly diversified security hardware solutions platform with significantly improved competitive positioning, addressing a large global market. The integration and growth plan will be led by Mark LeMire, S&G’s CEO. The combined business will actively seek further add-on acquisitions.
LeMire commented, “The acquisition of Delaney is an exceptional opportunity to drive greater scale and ultimately better serve a customer base seeking the highest quality security and hardware solutions. Our combined business will offer customers an extensive product portfolio, a broader base of technical resources, and enhanced security solutions.”
Delaney’s senior management personnel, Libby Zappala and Joey Meggs, will continue in their current roles as President of Delaney and President of Premier, respectively.
OpenGate Capital sourced Delaney through its global origination team led by Joshua Adams, Managing Director – Business Development. From the firm’s Los Angeles office, the following team members are responsible for negotiating and overseeing the investment: Matthias Gundlach, Managing Director – M&A; Aaron Figura, Senior Vice President – M&A; Paul Bridwell, Managing Director – Operations; and Andrew Martinez, Vice President – Operations.
OpenGate acquired S&G in May of 2019 as one of six platform investments completed in the same year.
About OpenGate Capital
Founded in 2005, OpenGate Capital is a global private equity firm that strives to acquire and optimize lower middle market businesses throughout North American and Europe. With a strategic international presence and a focus on corporate carve-outs and complex situations, the firm’s expertise allows it to realize a seller’s divestiture objectives while mitigating the risks associated with a business’s transition to independence. OpenGate is headquartered in Los Angeles and Paris and has a seasoned in-house team of professionals overseeing the entire lifecycle of each investment. To learn more about OpenGate, please visit www.opengatecapital.com.
About Sargent and Greenleaf
Sargent and Greenleaf is one of the world’s leading manufacturers of medium- and high-security locks and locking systems. Founded in 1857, Sargent and Greenleaf provides security solutions to financial institutions, commercial businesses, governments and consumers around the world. Delivered through an international network of distribution partners, Sargent and Greenleaf products continue to set the standard for quality, value and technical innovation. 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. To learn more about Sargent and Greenleaf, please visit www.sargentandgreenleaf.com.