Los Angeles-based private equity firm OpenGate Capital said Wednesday that it has signed an agreement to acquire Sargent and Greenleaf or S&G from Stanley Black & Decker Inc. (SWK).
The transaction is anticipated to be completed in the first quarter of 2019. Financial terms were not disclosed.
S&G is a brand in the specialized high security lock industry. Founded in 1857 and headquartered in Nicholasville, Kentucky, the business has approximately 120 employees globally with a distribution footprint that enables S&G to sell its products into more than 100 countries.
S&G designs and manufactures mechanical and electronic locks for safes, vaults, safe deposit boxes and highly sensitive environments.
Andrew Nikou, OpenGate Capital's founder and CEO, said, "We are extremely pleased to have reached an agreement to acquire S&G from Stanley Black & Decker. 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."
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