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.