Secondary Buyout • Consumer Products

OpenGate Capital Acquires Jøtul

On February 12, 2018, private equity firm OpenGate Capital acquired consumer products company Jøtul from Accent Equity and Ratos

Acquisition Context
  • This is OpenGate Capital’s 1st transaction in the Consumer Products sector.
  • This is OpenGate Capital’s 1st transaction in Norway.

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M&A Deal Summary

Date February 12, 2018
Target Jøtul
Sector Consumer Products
Buyer(s) OpenGate Capital
Sellers(s) Accent Equity
Ratos
Deal Type Secondary Buyout

Target Company

Jøtul

Kråkerøy, Norway
Jøtul is a manufacturer and distributor of cast-iron stoves and fireplaces, inserts and cassettes. Jøtul has a strong global market position through the group’s primary brands Jøtul and Scan. Manufacturing mainly takes place in Norway and Denmark, with smaller units in France and the US. The company’s products are sold worldwide through its sales subsidiaries and distributors. Jøtul was founded in 1853 and is based in Kråkerøy, Norway.
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Buyer Overview 1

Buyer

OpenGate Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 890M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

OpenGate Capital is a private investment firm focused on acquiring divestitures of larger public corporations or troubled companies needing restructuring. OpenGate does not focus any particular industry and will consider opportunities throughout North America and Europe. The Firm's target companies with up to $1 billion of revenue and valued up to $300 million. OpenGate Capital was formed in 2005 and is based in Los Angeles, California.


Deal Context for Buyer #
Overall 30 of 47
Sector: Consumer Products 1 of 1
Type: Secondary Buyout 2 of 2
Country: Norway 1 of 1
Year: 2018 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-17 Benvic

Chevigny Saint Sauveur, France

Benvic develops, produces and markets highly customized, innovative thermoplastic solutions based on PVC, TPE, HFFR and bio-polymers that are utilized across a wide range of rigid and flexible end-applications including building and construction, medical, automotive, aerospace, cabling, packaging and fluid transport. Benvic was founded in 1963 and is based in Chevigny Saint Sauveur, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-21 NorPaper Group

Blendecques, France

NorPaper Group is a manufacture of white testliner (a component of carton packaging). NorPaper specialized in recycled corrugated cardboard and packaging products. NorPaper Group is based in Blendecques, France.

Sell -

Seller Profiles 2

SELLER

Accent Equity

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 1.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Accent Equity Partners is a middle-market private equity firm that targets buyout and expansion capital investments in Scandinavia. Accent Equity is sector agnostic and generally prefers acquiring controlling positions. Accent Equity was formed in 1994 and is based in Stockholm.


Deal Context for Seller #
Overall 26 of 42
Sector: Consumer Products 1 of 3
Type: Secondary Buyout 9 of 12
Country: Norway 2 of 2
Year: 2018 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-25 Oral Care

Stockholm, Sweden

Oral Care is a private care provider within dentistry and offers general dental care at clinics for all ages and mobile dentistry for elderly care patients. The company is active in eight county councils in Central and Southern Sweden, and in Norway, and has a growing network of clinics for general dental care. Oral Care was formed in 1989 and is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-27 TSG

Vasteras, Sweden

TSG is a logistics company covering all aspects of transport by land and sea. The company is active within forwarding, agency, stevedoring, and short sea shipping. TSG was founded in 1994 and is based in Vasteras, Sweden.

Buy -
DESCRIPTION

Ratos is a publicly-traded investment group focused on acquiring and growing un-listed companies. Ratos does not have any sector preferences and pursues platform companies throughout Scandinavia. The Firm's target investment size is 250M SEK to 5B SEK. Ratos looks to be an active owner in pursuing growth options and improving operations. Ratos was established in 1866 and is based in Stockholm.


Deal Context for Seller #
Overall 12 of 13
Sector: Consumer Products 2 of 2
Type: Secondary Buyout 5 of 5
Country: Norway 2 of 2
Year: 2018 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-21 GS-Hydro

Reggio Emilia, Italy

GS-Hydro is a provider of non-welded piping solutions. Products are used in the marine and offshore industries as well as land-based segments such as the pulp and paper, metals and mining, and automotive and aerospace industries. GS-Hydro is based in Reggio Emilia, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-08 Bisnode

Solna, Sweden

Bisnode is a provider of smart data and analytics. Bisnode uses the highest quality local and global data from over 550 data sources. With analysis, abstract data is transformed into relevant decision basis. Bisnode was established in 1989 and is based in Solna, Sweden.

Sell $818M