Sargent and Greenleaf to Be Acquired by Opengate Capital
Opengate Capital announced it signed an agreement to acquire Sargent and Greenleaf from Stanley Black & Decker for undisclosed terms.
NICHOLASVILLE, Ky. — OpenGate Capital, a global private equity firm, announced it has signed an agreement to acquire Sargent and Greenleaf (S&G) from Stanley Black & Decker (NYSE: SWK).
Terms of the transaction were not disclosed.
S&G is a leading brand in the specialized high security lock industry. Founded in 1857 and headquartered here, 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, according to the announcement. Customers are varied across many vertical markets including banking, cash transit, residential security, railroad, utilities and government security segments.
“We are extremely pleased to have reached an agreement to acquire S&G from Stanley Black & Decker,” says Andrew Nikou, OpenGate Capital’s founder and CEO. “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.”
Established in 2005, OpenGate Capital specializes in the acquisition and operation of businesses to create new value through operational improvement, innovation and growth. Leaders within both companies will work closely to leverage resources to support S&G’s mission to grow and create sustainable long-term value.
S&G will transition into a standalone business under the ownership of OpenGate Capital.
“Sargent and Greenleaf is enthusiastic about the many exciting opportunities that lay ahead,” says Keith Deaton, COO at S&G. “During the acquisition, we will continue operating to bring our customers high-quality products. With the support from OpenGate Capital, we will develop and release innovative locking solutions for safes, vaults, ATMS and highly sensitive environments, while building even stronger customer relationships.”
The transaction is anticipated to be completed in Q1 2019.
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