OpenGate carves out Gunnebo's France and Benelux operations

OpenGate acquired the business for a symbolic purchase price and the transaction generated a loss of €60-65m for the vendor, €15m of which is cash, representing a capital injection and transactional costs.

The divested divisions include the French, Belgian and Luxembourg sales companies, and the production facilities in Baldenheim and Bazancourt. The turnover attributable to the group was €117m in 2017 and it employs 930 people.

OpenGate specialises in corporate carve-outs and turnaround situations. It held a final close for its first institutionally backed fund, OpenGate Capital Partners I, on its $305m hard-cap in July 2016.

Company
Gunnebo is a security products and service provider active in electronic security, security doors and partitions, safes and vaults, cash management and entrance control. The divested business will include 12 sales branches in France, a sales office in Luxembourg, a sales office in Belgium and two production sites. The transaction will also include Fichet Bauche, a safe and vault brand.

People
OpenGate Capital – Andrew Nikou (CEO).

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• Topics
• France
• Benelux
• Buyouts
• Industrials
• France
• Belgium
• Luxembourg