Electra Partners Europe exits Gardiner

The Paris office of private equity outfit Electra Partners Europe (EPE) has agreed to sell Gardiner Groupe Europe, an independent distributor of electronic security equipment, to US-based conglomerate Honeywell.

In 2003, EPE supported the management buyout of Gardiner Groupe Europe, Stentorius and JLD, wholesalers of electronic security equipment, from Rexel for a purchase price of €112m. The total investment in Gardiner Groupe Europe amounted to €220m, according to a source familiar with the situation. Gardiner Groupe Europe is understood to generate sales of €200m.

EPE was advised by Rothschild (corporate finance) and Latham & Watkins (legal) regarding the disposal.

The latest large French investment by EPE was the management buyout of publishing company Chevrillon Phillippe Industrie, which was valued at €450m. Funds managed by EPE invested alongside CVC Capital Partners and the management team. The transaction was to include Bath Press, Cox & Wyman, and Mackays.

Alex Wessendorff