Business Wire

OpenGate Capital to Acquire Jøtul Group

Jaa

OpenGate Capital, a global private equity firm, announced today that it has signed an agreement to acquire Jøtul Group (“Jøtul”), a leading manufacturer of residential stoves and fireplaces, from Ratos AB (STO: RATO-B), a Swedish listed investment company. Closing is expected to occur by the end of February, after certain conditions precedent are satisfied.

Headquartered in Fredrikstad, Norway, Jøtul was founded in 1853 and is one of the most well-known and respected brands globally in the home comfort heating industry. Jøtul products include cast iron and metal sheet stoves, inserts and fireplaces fueled by wood, gas and pellets. Products are sold under the brand names Jøtul, Scan, Atra and Ild, and are distributed in 45 countries across Europe, North America and Asia primarily through networks of exclusive and multi-brand specialty dealers.

Andrew Nikou, founder and CEO of OpenGate Capital, stated, “The acquisition of Jøtul has many of the hallmarks of an OpenGate Capital investment that we find exciting in a fragmented market. Jøtul is located in the Nordic region, a market that OpenGate is very familiar with having acquired Kotka Mills in Finland and where we created tremendous success during our pre-fund investment days. Through diligence we have already identified operational levers and accretive M&A opportunities that we believe will drive growth and ultimately create a stronger, healthier business.”

Julien Lagreze, a Partner in OpenGate Capital’s Paris office, stated, “Jøtul has a strong foundation. With a solid market position, globally recognized brand and excellent management team, we are excited to work together to drive innovation in the product mix and growth within the customer base.”

Leading the transaction on behalf of OpenGate Capital, Fabien Marcantetti, a Managing Director based in Paris, added, “To help fund the acquisition, OpenGate has successfully raised a senior secured bond with a number of high profile Nordic institutional investors - which speaks to the strength of the Jøtul brand - and did so within a timeframe that met the speed and certainty requirements of the seller.”

Jøtul’s procurement, marketing and product development functions are centralized in its headquarters in Norway, and it has manufacturing sites in Norway, Denmark, France and the US where products are designed to meet end customers’ needs specific to their region. The Jøtul product portfolio consists of 397 SKUs and 58 product families across four brands and are manufactured with either cast-iron or sheet metal. Jøtul products are fueled by wood, pellets or gas, depending on specific market demands.

Jøtul is 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.

About Jøtul

Jøtul manufactures 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. To learn more about Jøtul, please visit www.jotul.com.

Contact information

OpenGate Media Contacts
Alanna Chaffin, +1 (310) 432-7000
achaffin@opengatecapital.com
or
Sitrick & Company
Mike Sitrick, (310) 788-2850
Mike_Sitrick@sitrick.com
or
OpenGate Business Development Contact
Joshua Adams, +1 (310) 432-7000
jadams@opengatecapital.com
or
Jøtul Media Contact
Nils Agnar Brunborg, +47 (90) 60 55 78
Nils.Brunborg@jotul.no

Tietoja julkaisijasta

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 jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

LTI USD Revenue Growth up 23.4% YoY; Net Profit Jumps 35.2% YoY23.7.2018 17:53Tiedote

Larsen & Toubro Infotech (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q1 FY19 results today. In US Dollars: Revenue at USD 319.9 million; growth of 3.5% QoQ and 23.4% YoY Constant Currency Revenue growth of 5.1% QoQ and 22.9% YoY In Indian Rupees: Revenue at Rs 21,557 million; growth of 7.7% QoQ and 29.0% YoY Net Income at Rs 3,612 million; growth of 24.8% QoQ and 35.2% YoY “We are pleased to report a strong start to the year with 5.1% QoQ revenue growth in constant currency. Our growth has been driven by continued healthy momentum across multiple sectors, with double-digit sequential growth in BFS and High-Tech & Media in Q1. We are also happy to announce a large deal with a Global Fortune 100 consumer and pharmaceutical giant with a net-new TCV win in excess of US$ 50 Mn. “Our focus on leveraging digital technologies to solve the challenges of physical and digital convergence is resonating with our clients and has laid the found

TRIGO Deepens its Expansion into the USA by Acquiring Lumbee Enterprises23.7.2018 16:00Tiedote

TRIGO has acquired 100% of the capital of Lumbee Enterprises based in Greer, SC. This acquisition allows TRIGO to deepen its expansion into the USA within the automotive industry. Lumbee began providing supply chain and logistics services over 25 years ago and it’s TRIGO’s intent to leverage Lumbee’s proven expertise to further expand its business. Lumbee is best known for its expertise in Quality Manufacturing, Sorting, Inspection and Sub-Assembly Operations, specializing in providing best-in-class inspection and rework services to keep OEM assembly lines running seamlessly and without interruption. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180723005040/en/ Co-founded by Colby Griffin in 2001, LUMBEE Enterprises of South Carolina has focused on providing quality management services to shorten supply chain interruptions through the innovative use of technology and processes. “This acquisition is a great opportunity for

STATS Taps Dr. Helen Sun, Former CTO of JPMorgan Chase Commercial Banking Division, to Lead STATS’ Technology Operations23.7.2018 14:00Tiedote

Today, STATS, the worldwide leader in sports data and intelligence, expanded its executive roster with the introduction of Dr. Helen Sun as Chief Technology Officer. Sun will oversee STATS’ product, engineering, artificial intelligence and data production teams in developing the next generation of products and services that will revolutionize the performance and experience of sports. Sun joins STATS from JPMorgan Chase, most recently serving as Chief Technology Officer of the Commercial Banking division. For over 22 years, Sun has a proven record as a technology strategist and thought leader in previous roles as Vice President of Cloud Computing, Information Management, and Architecture at Motorola Solutions; Senior Director of Global Enterprise Architecture at Salesforce; and Director of Enterprise Architecture at Oracle. “Helen is a leader in transforming businesses through innovative solutions and she will be a driving force in building upon our reputation as the leading sports tech

IBC2018 Enhances Conference Programme with Keynote Sessions from Amazon, Viacom and Wonderhood Studios23.7.2018 13:57Tiedote

IBC2018, the world’s most influential media, entertainment and technology show, today announces three new Keynote speakers from globally renowned media and entertainment powerhouses. The addition of executives from Amazon, Viacom and Wonderhood Studios adds to the big-name line up of thought provoking and informative sessions and speakers already announced by IBC. Taking to the stage on the first day of the conference, Thursday 13 September, to deliver the Trailblazer Keynote session entitled ‘Give Your Vision a Voice’ is Max Amordeluso, EU Lead Evangelist Amazon Alexa, Amazon. As voice assistants such as Amazon Alexa are transforming the way audiences discover content and control devices, Amordeluso’s must-attend presentation will explore a variety of avenues, including: how to build a voice strategy with Alexa; why voice experiences are now a crucial part of any multi-platform content business; how to implement an engaging voice strategy for content products and generate new revenues

SIGOS: Digital Experience - 120 mobile network operators from 60 countries meet in Nuremberg23.7.2018 13:06Tiedote

For more than 10 years, SIGOS has been inviting mobile network operators from all over the world to the annual telecommunications conference. After venues such as Düsseldorf, Berlin, Munich, Beijing, Kuala Lumpur, etc., this year's multi-day conference took place at the Nuremberg convention centre. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180723005282/en/ SIGOS conference panel discussion - photo: www.uwe-niklas.com Over 120 network operators and telecommunications companies from over 60 countries worldwide came together to talk about the latest innovations in areas such as network quality, performance, 5G, IoT, roaming, and telecommunications fraud detection solutions. Dr. Ulrich Maly, Lord Mayor of the City of Nuremberg, welcomed the international audience in his opening speech and explained:"...when we talk about mobile communication, then we talk about people and their needs that are and should be the focus of atte

AURAK Enters into a Memorandum of Understanding with Al-Farabi Kazakh National University22.7.2018 12:52Tiedote

The American University of Ras Al Khaimah (AURAK) President, Professor Hassan Hamdan Al Alkim, and the Al-Farabi Kazakh National University (KazNU) Rector, Professor Galimkair Mutanov, of the Republic of Kazakhstan, signed a Memorandum of Understanding (MoU), agreeing to exchange students, faculty, and research. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180722005025/en/ The Al-Farabi Kazakh National University (KazNU) Rector, Professor Galimkair Mutanov, of the Republic of Kazakhstan and the American University of Ras Al Khaimah (AURAK) President, Professor Hassan Hamdan Al Alkim, exchange a gift to commemorate their universities uniting in an MoU agreement. (Photo: AETOSWire) In the spirit of fostering a close international relationship between the Republic of Kazakhstan and the United Arab Emirates, developing bilateral relations in educational and scientific fields, and wishing to make their own contributions to the

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