NICHOLASVILLE, Ky. – Sargent and Greenleaf (S&G), a manufacturer of mechanical and electronic locks, has announced that OpenGate Capital, a global private equity firm, has entered into an agreement to acquire it from Stanley Black & Decker.
The transaction is anticipated to be completed in Q1 2019. Financial terms were not disclosed.
“Sargent and Greenleaf is enthusiastic about the many exciting opportunities that lay ahead,” said Keith Deaton, COO at Sargent and Greenleaf, in a prepared statement. “During the acquisition, we will continue operating to bring our customers high-quality products. With the support from OpenGate Capital, we will develop and release innovative locking solutions for safes, vaults, ATMS and highly sensitive environments, while building even stronger customer relationships.”
S&G will transition into a stand-alone business under the ownership of OpenGate Capital.
“We are excited to work with the team at S&G and build upon the legacy of the business,” said Paul Bridwell, managing director at OpenGate Capital, also in a statement. “We look forward to partnering with management in their focus on growth, by further strengthening S&G’s commercial reach and investing into the company’s product innovation engine.”