OpenGate Capital to Acquire AICO S.p.A. as an Accretive Add-on to Jøtul Group
OpenGate Capital, a global private equity firm, announced today that it has signed an agreement to acquire AICO S.p.A. (“AICO”), an Italian manufacturer of residential stoves, fireplaces, boilers and cookers from Ambienta SGR, a European private equity group. Closing is expected by the middle of November, 2018. Terms of the transaction were not disclosed.
AICO offers a wide range of premium home heating products that are energy efficient and utilize pellets, a renewable energy source. The business features two well-established brands, Ravelli and Elledi, and they are exported to more than 40 countries. Headquartered in Palazzolo sull’Oglio, Italy, AICO’s 150 employees oversee the design, manufacturing and in-house testing to ensure all products comply with European quality, safety and environmental compliance standards.
Upon completion of the transaction, AICO will be a synergistic add-on to Jøtul Group (“Jøtul”), a business acquired by OpenGate in March of 2018. Jøtul is a Norwegian manufacturer of home heating products, primarily inserts, fireplaces and wood stoves, with four brands that are distributed across 45 countries, including Europe, North America and Asia. AICO will enhance the Jøtul product portfolio with pellet technology products, a growing market for consumers demanding an alternative to wood-based home heating products.
Fabien Marcantetti, Managing Director at OpenGate Capital, led the transaction from the firm’s Paris office and stated, “A key aspect in OpenGate’s acquisition of Jøtul is to identify both organic and inorganic opportunities for growth. Through AICO, we will immediately enhance Jøtul and create synergies, enrich the product portfolio and expand into new markets. From an OpenGate perspective, this acquisition will mark an important step toward achieving our full potential plan for Jøtul.”
“We have been working closely with OpenGate’s team of professionals on the AICO transaction, and we are happy with this add-on to our existing business. Upon completion of this investment, AICO’s products will expand the Jøtul portfolio, and enable the business to be a more complete supplier to the many exclusive and multi-brand specialty dealers. This is especially important in the Latin European Market, where use of pellets technology for heating is growing. This transaction will create synergies and give AICO the possibility to expand into new markets,” said Jøtul CEO, Nils Agnar Brunborg.
Jøtul was the eighth acquisition through OpenGate Capital’s first institutional fund, following the firm’s previous acquisitions of Power Partners, Energi Fenestration Solutions, Bois & Matériaux, Alfatherm, EverZinc, Hufcor and Mersive Technologies.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build and scale successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions, including corporate carve-outs, management buy-outs, special situations and transactions with private sellers across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.
Jøtul is one of the world’s oldest producers of stoves, inserts and fireplaces. Building on a proud Norwegian heritage, Jøtul combines fine craftsmanship with the art of coping with the cold for 160 years. Jøtul is headquartered in Fredrikstad, Norway and features four prominent brands Jøtul, Scan, Ild and Atra, and proudly sells to 45 countries around the world. To learn more about Jøtul, please visit: www.jotul.com.
OpenGate Media Contacts
Telephone: +1 (310) 432-7000
Sitrick & Company
Telephone: +1 (310) 788-2850
OpenGate Business Development Contact
Telephone: +1 (310) 432-7000
Jøtul Media Contact
Nils Agnar Brunborg
Telephone: +47 (90) 60 55 78
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
HKTDC Hong Kong Houseware Fair Opens in April20.3.2019 06:17:00 EET | Tiedote
Asia’s leading HKTDC Hong Kong Houseware Fair is welcoming its 34th edition in the Hong Kong Convention and Exhibition Centre from 20-23 April 2019. Some 2,200 global exhibitors will showcase a wide range of high-quality household items to global buyers. In 2018, over 29,500 buyers from 112 countries and regions visited the fair. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190319005980/en/ Asia's leading houseware fair. (Photo: Business Wire) WGSN to Curate the Latest Houseware Trends HKTDC is partnering with WGSN, a well-known trend forecasting agency, to curate the trend concept display areas, unveiling the Spring/Summer 2020 houseware trends with a variety of houseware and interior design products on display. “L.I.F.E.” Theme to Showcase Quality Products In order to create an easy-to-navigate setting and provide a superior sourcing experience, the Houseware Fair will continue to feature products under four main themes
New GSMA Study: China’s Mobile Ecosystem Equivalent To 5.5% Of China’s GDP20.3.2019 06:00:00 EET | Tiedote
China’s mobile ecosystem added RMB5.2 trillion ($750 billion) in value to the country’s economy last year, equivalent to 5.5 per cent of China’s GDP in 20181, according to a new GSMA report. The data features in the first ever China edition of the GSMA’s Mobile Economy report series, which is published today at a special roundtable event in Beijing to discuss the latest developments in the Chinese mobile industry as it enters the 5G era. “Our new report outlines how China’s mobile industry has been a key driver of economic growth, inclusion and modernisation – creating a new generation of digital consumers and transforming industry and society,” said Mats Granryd, Director General of the GSMA. “After spending billions over the last decade deploying 4G networks to all corners of the country, Chinese mobile operators are now set to invest a further RMB401 billion ($58 billion) over the next two years to prepare for and begin 5G rollouts, laying the groundwork for China to become one of t
Rimini Street CEO Visits Seoul, Addresses Changing IT Mission20.3.2019 02:00:00 EET | Tiedote
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, is committed to helping South Korean companies reduce ongoing IT operating costs and freeing up significant IT budget to invest in innovation, competitive advantage and growth, co-founder and CEO Seth A. Ravin explained during a press conference in Seoul. Mr. Ravin also highlighted continued strong and growing demand in Korea for the Company’s award-winning, ultra-responsive enterprise software support model, which is disrupting the $160 billion enterprise software maintenance market worldwide. As the 4th largest economy in Asia, and the 11th largest in the world, South Korea represents a large market opportunity for the Company. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190319005832/en/ Rimini Street CEO Visits Seoul,
SOTIO’s DCVAC/OvCa Significantly Improves Survival in Patients with Recurrent Ovarian Cancer19.3.2019 23:00:00 EET | Tiedote
SOTIO, a biotechnology company owned by the PPF Group, presented results from SOV02, its Phase II clinical trial evaluating DCVAC/OvCa, an active cellular immunotherapy product, in patients with recurrent ovarian cancer at 2019 SGO’s 50 th Annual Meeting on Women's Cancer today. Final analysis of SOV02 shows that DCVAC/OvCa decreased the risk of death significantly compared to patients who did not receive DCVAC/OvCa. Clinical trial results were presented during today’s SGO 2019 Plenary Session by SOV02 principal investigator David Cibula, MD, PhD from General University Hospital in Prague (Czech Republic). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190319005837/en/ In the randomized, open label SOV02 clinical trial, patients with recurrent ovarian cancer received DCVAC/OvCa in combination with platinum-based chemotherapy. Compared to patients who did not receive DCVAC, it decreased the risk of death by 62%. The combinati
OCP Announces Date of Fourth Quarter and Full Year 2018 Earnings19.3.2019 22:00:00 EET | Tiedote
OCP S.A. (“OCP” or the “Company”), a global leader in the fertilizer industry, will release its fourth quarter and full year 2018 results on Monday, March 25, 2019. The results will be available to holders of the Company’s bonds, qualified institutional buyers, securities analysts and market makers on the OCP Intralinks portal from 9:00 a.m. EDT, 2:00 p.m. Morocco time (GMT+1), and 1:00 p.m. London time (GMT). OCP senior management will host a conference call to discuss fourth quarter and full year 2018 results at 10:00 a.m. EDT, 3:00 p.m. Morocco time (GMT+1), and 2:00 p.m. London time (GMT) on Monday, March 25, 2019 for holders of the Company’s bonds, qualified institutional buyers, securities analysts and market makers. Eligible parties that have not already registered for access to the Intralinks portal may do so by contacting the Investor Relations Department by emailing email@example.com About OCP OCP is a global leader in the fertilizer industry, backed by almost a century’s
HCL and Xerox Expand Strategic Partnership to Accelerate Operational Transformation19.3.2019 19:51:00 EET | Tiedote
HCL Technologies (HCL), a leading global technology company, announced that it signed a managed services agreement with Xerox (NYSE: XRX). Under the terms of the agreement, HCL will manage portions of Xerox’s shared services, including global administrative and support functions, including, among others, selected information technology and finance functions (excluding accounting). Leveraging HCL’s global scale and capabilities, Xerox will strategically evolve its shared services into process-first, technology-led digital operations. This seven-year agreement for an incremental $1.3 billion continues to build on the success of the Xerox-HCL relationship, which began in 2009 with product engineering and support services. Under that agreement, HCL currently manages aspects of Xerox’s mechanical, electrical and software engineering activities for printer and imaging product lines. Together, HCL and Xerox have delivered 215 U.S. patents and have created world-class R&D labs that are tightly
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme