Ardenton Capital Corp., a Canadian private equity firm, announced the sale of its majority interest in Leone Fence to ASSA ABLOY.
Founded in 1975 and based in Ontario, Leone Fence employs a team of 55 and includes a portfolio of three business units: Iron Eagle, Shield Fence and Leone Fence. The company “has been pivotal in manufacturing, distributing, and selling fence and gate products across Canada,” said Ardenton Capital in a statement, adding that Leone Fence had sales of approximately $39 million in 2022.
“Our partnership with Leone Fence has been a journey. At the end of the day, we are pleased with the company’s growth and believe that this is the right time for us exit the business,” said Kyle Makofka, CEO of Ardenton, in a statement.
“This acquisition reinforces our current offering within perimeter security in the Canadian market,” said Nico Delvaux, president and CEO, ASSA ABLOY, in a separate press release issued by ASSA ABLOY.
“The acquisition of Leone Fence presents an exciting opportunity within our perimeter security offering. By combining our core competencies, we can strengthen our ability to quickly enter the market, develop new products, and expand our overall presence in the Canadian market,” added Massimo Grassi, executive vice-president, ASSA ABLOY and head of the Entrance Systems Division.
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