Electra Partners Europe has sold Gardiner Groupe Europe, a French headquartered distributor of electronic security equipment, to Honeywell. The business was the subject of a management buyout led by Electra in June 2003. Gardiner Group formed part of the buyout of three subsidiaries of Rexel also including Stentorius and JLD for €112m, including a €16m vendor financing. Return details were not disclosed, but the deal is said to have generated attractive returns for investors.
Gardiner has operations in ten European countries including the UK and Ireland, (which together account for the largest share of sales), France, The Netherlands, Belgium, Switzerland, Denmark, Sweden, Norway and Finland. Gardiner has a portfolio of over 7,500 products distributed through specialist installers addressing four key product lines: intruder alarms, close circuit television, access management systems and fire control equipment.
Since the buyout Electra has supported the business in its development by widening its product offering across the group, opening new branches and by enlarging its presence in new countries. Electra Partners Europe was advised by Rothschild & Cie (corporate finance) and Latham & Watkins (legal.)