Stanley Black & Decker announced last week that it has entered into an agreement to sell mechanical and electronic lock manufacturer Sargent and Greenleaf (S&G) to private equity firm OpenGate Capital.
According to a statement, the transaction is expected to be completed in Q1 2019. Financial terms of the deal were not disclosed.
"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.”
"We are excited to work with the team at S&G and build upon the legacy of the business," said Paul Bridwell, Managing Director at OpenGate Capital, who is responsible for managing and supporting operations of the firm’s investments in North America. "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."
