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
L’Oréal Rewards Social Initiatives Led by Dermatologists at World Congress of Dermatology in Milan20.6.2019 12:23:00 EEST | Tiedote
In partnership with the International League of Dermatological Societies (ILDS) and the 24th World Congress of Dermatology (WCD), L’Oréal announced the laureates of the third International Awards for Social Responsibility in Dermatology: “Caring to Inspire Skin Confidence”. This aims to reward social initiatives led by dermatologists, improving patients’ physical and psychological well-being, self-esteem, social integration and skin health, and enabling patients to re-engage socially. Brigitte Liberman, President of L’Oréal’s Active Cosmetics Division, said: “Social responsibility is a priority for L’Oréal and we are proud to partner with the ILDS and the WCD to reward iconic dermatologists having positive actions on people’s lives”. Professor Harvey Lui, President of the ILDS, added: “Beyond the day-to-day activities of dermatologists in managing patients with skin issues, there is a vital social role, which is exemplified through our partnership for these awards and lies at the heart
First deployment of open-standard Identity Management interface OSIA in DRC20.6.2019 11:45:00 EEST | Tiedote
IDEMIA, the global leader in Augmented Identity, in partnership with CIVIPOL, the technical cooperation operator of the French Ministry of the Interior, DIGITECH, a leading provider of paperless Civil Registry solutions, UNFPA, the United Nations Population Fund and CARITAS, a confederation of 165 Catholic relief, development and social service organizations, announces the first deployment of the open-standard Identity Management interface OSIA in the Democratic Republic of Congo (DRC). This World Bank funded project aims to register 2.4 million children and produce 600,000 birth certificates. The consortium led by CIVIPOL supports the ambitious goal set out by the United Nations General Assembly “One ID for all by 2030.” This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190620005047/en/ Credits : IDEMIA The consortium focusses on two project streams: the first stream concentrates on the enhancement of the current Civil Registr
Wrap.co Releases The World’s First SaaS Software in Historic Global Announcement20.6.2019 08:00:00 EEST | Tiedote
Wrap.co, The Mobile Card-Based Innovator™, released The World’s First SaaS Software today—highlighting the ease by which their card-based mobile engagement and conversion platform conveys complex ideas quickly to a global audience poised to consume content at “The Speed of Thumb™”. “According to Danny Hillis in his book, The Pattern on The Stone, any series of yes/no decisions can be considered software—thus,” said Christopher Bruno, CEO of Wrap.co, “we chose pre-historic Irish engravings—ancient when the Pyramids were built—to illustrate how Wrap can allow a mobile user unacquainted with a technical topic to flip through selected content to arrive at hoped-for conclusion in mere seconds—in this case: the belief that an animated engraving represents the 19-year cycle of the moon.” Bruno chose the so-called “Calendar Stone of Knowth” in County Meath, Ireland, as the subject matter for their first global presentation of Wrap.co’s revolutionary carrier-grade card-based communication platf
Algorand Foundation Marks New Chapter in Global Economics with Inaugural Auction19.6.2019 23:56:00 EEST | Tiedote
The Algorand Foundation announced today the successful completion of its inaugural Algo auction, marking the launch of the Algorand platform and its original economic model that uses a unique combination of consensus-driven blockchain technology and economic incentives to ensure absolute fairness and broad participation in a new Borderless Economy. The auction brings Algos, the native token of the Algorand blockchain platform, into market circulation for the first time. Originally scheduled to last for more than five hours, the auction sold out in under four hours, due to oversubscribed demand from a large group of global participants. The Dutch Auction mechanism ensured the market, not the seller, set the price of the offering and that each participant paid the same price per Algo. The Algorand platform is the first public, permissionless pure proof-of-stake blockchain protocol that solves the “blockchain trilemma” of achieving scalability, security and true decentralization all at on
Cooper & Turner Announces Potential Combination with Beck Industries19.6.2019 22:32:00 EEST | Tiedote
Andaray (Holdings) Limited and its direct and indirect subsidiaries (“Cooper & Turner”) have entered into an agreement with Beck Industries (“Beck”) for potential combination of the two groups. The contemplated combined entity aims to be the first truly global manufacturer of safety critical fasteners, together supporting a broader range of industries – including renewable energy, tunneling, construction, rail, heavy equipment, downstream oil & gas, power generation and nuclear, among others. Headquartered in Sheffield, England, Cooper & Turner serves a global customer base with manufacturing and distribution operations across the European Union, China and North America. This worldwide network enables Cooper & Turner to offer a seamless, one-stop shop solution for industrial fasteners that meet the highest levels of quality. Beck, a France-based manufacturer and distributor of fully certified, high-security bolting components, has built a global operation that complements and expands t
Tinubu Square Appoints Sophie Riottot as Group Sales Director19.6.2019 20:02:00 EEST | Tiedote
Tinubu Square, a leading provider of credit insurance, surety and trade finance solutions, has announced the appointment of Sophie Riottot as Group Sales Director. This is a strategic engagement for the company, which is restructuring its sales approach to reinforce its rapid global growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190619005634/en/ Sophie Riottot, new Group Sales Director at Tinubu Square (Photo: Business Wire) Sophie Riottot brings a wealth of experience to Tinubu Square. She joins the company from Dhatim, a French start-up specializing in AI-powered invoice services, where she was responsible for sales strategy and partnership development. Prior to this, she was with Microsoft for over 17 years, in a variety of prominent sales and management positions, including Head of Finance in the Services Division. As a member of the executive committee at Tinubu Square, Sophie will be responsible for spearheadin
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