Sargent and Greenleaf Acquired by Opengate Capital
Sargent & Greenleaf combination locks are fitted to many safes and ATMs.
OPENGATE Capital has signed an agreement to acquire Sargent and Greenleaf from Stanley Black & Decker for undisclosed terms.
S&G is a leading brand in the specialized high security lock industry. Founded in 1857, 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.”
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.