Sargent and Greenleaf (S&G), a manufacturer of mechanical and electronic locks, announced Jan. 30 that OpenGate Capital, a global private equity firm, entered into an agreement to acquire S&G from Stanley Black & Decker. The transaction is anticipated to be completed in the first quarter of 2019. Financial terms were not disclosed.
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, according to a press release issued by S&G. S&G will transition into a stand-alone business under the ownership of OpenGate Capital.
“Sargent and Greenleaf is enthusiastic about the many exciting opportunities that lay ahead,” said Keith Deaton, COO at Sargent and Greenleaf. “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.”
Paul Bridwell, Managing Director at OpenGate Capital, who is responsible for managing and supporting operations of the firm’s investments in North America, said, "We are excited to work with the team at S&G and build upon the legacy of the business. We look forward to partnering with management in their focus on growth, by further strengthening S&G’s commercial reach and investing into the company’s product innovation engine.”
For more information, please visit www.sargentandgreenleaf.com or call 859-885-9411.