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FRANCE - Electra sells electronic security group to Honeywell

Fay
27 February 2006

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Electra Partners Europe has today announced the sale of Gardiner Europe’s largest independent distributor of electronic security equipment, to Honeywell. Gardiner is headquartered in France and has operations in ten European countries: the UK and Ireland (which together account for the largest share of sales), France, the Netherlands, Belgium, Switzerland, Denmark, Sweden, Norway and Finland. It has a portfolio of over 7,500 products distributed through specialist installers addressing four key product lines: intruder alarms, close circuit television, access management systems and fire control equipment.

The company was the subject of a management buyout led by Electra in June 2003 in a proprietary transaction. Since the original buyout the private equity house has supported the business in its development, by widening its product offering across the group, by opening new branches and by enlarging its presence in new countries. During the MBO Gardiner has also increased its operational efficiency and has fully integrated the different entities within the group.

Commenting on today’s exit announcement, Edward Koopman, a senior investment professional with Electra’s Paris office, said: ‘Today’s transaction represents an example of Electra Partners Europe’s core strategy of supporting management teams in the development of their businesses, while generating attractive returns for our investors.’ The Electra Partners Europe team was composed of Edward Koopman, Jean Ducroux, Mark Weston, Patrick Eisenchteter and Cedric Rays. The vendor was advised by Rothschild & Cie (corporate finance) and Latham & Watkins (legal).