OpenGate Capital Completes Acquisition of Jøtul Group
OpenGate Capital, a global private equity firm, announced today that it has completed the acquisition of Jøtul Group (“Jøtul”), a leading manufacturer of residential stoves and fireplaces, from Ratos AB (STO: RATO-B), a Swedish listed investment company.
“Historically, Jøtul suffered from the impact of high market volatility and underinvestment that made it more susceptible to fluctuating customer demand,” said Andrew Nikou, founder and CEO of OpenGate Capital. “Jøtul has a tremendous heritage, an excellent brand name, and a lot of untapped value. Today, we are focusing on that untapped potential and investing in Jøtul’s future with our integrated value creation strategy. We’re very excited with the acquisition of Jøtul and welcome the business and its employees into our portfolio.”
Julien Lagreze, a Partner in OpenGate Capital’s Paris office, stated, “Jøtul’s leading position in the global, home comfort heating market presents significant opportunities for growth. We have been exploring add-on acquisitions of businesses that could be tucked into the Jøtul portfolio and possibly create synergies, deepen the product portfolio, and expand markets. And, working with Jøtul’s management team, our operations efforts are well underway as we transition the business and roll out our full potential plan. This is an exciting investment for OpenGate and we’re looking forward to working with the Jøtul team in the months and years ahead.”
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.
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.
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 U.S. The company’s products are sold worldwide through its sales subsidiaries and distributors. To learn more about Jøtul, please visit www.jotul.com.
OpenGate Media Contacts
Alanna Chaffin, +1 (310) 432-7000
Sitrick & Company
Mike Sitrick, +1 (310) 788-2850
OpenGate Business Development Contact
Joshua Adams, +1 (310) 432-7000
Jøtul Media Contact
Nils Agnar Brunborg, +47 (90) 60 55 78
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Home to the Cloud: e-shelter Continues to Expand and Announces It Will Open Another Data Center Campus in Frankfurt in Early 201922.3.2018 02:06 | Pressemelding
e-shelter, a leading data center provider in Europe and an NTT Communications Group Company, has today announced the acquisition of new development site in Frankfurt, which will be its 4th location in the city. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180321006285/en/ The expansion comes on the back of strong customer demand in Frankfurt, as market leader, e-shelter already operates 3 sites across the city, including Europe’s largest data center campus, Frankfurt 1. The “Frankfurt 4 Data Center” campus is located in Hattersheim in the west of the city and will feature 5 DC buildings built out in phases, with the first building of 9.7MW IT load scheduled to open in early 2019. Once fully built out, the site is capable of housing up to 60MW IT load and 24,000 sqm of IT space, supporting an average power density of 2.5 kW/sqm. The new facility will follow e-shelter’s successful business model – offering both wholesale and
Digi Communications N.V.: Convocation of the Company’s General Shareholders Meeting for 2 May 2018 for the Approval of, among Others, the 2017 Annual Report and of the 2017 Financial Statements21.3.2018 19:05 | Pressemelding
The Company would like to inform the market and its investors that today, 21 March 2018, the Board of Directors of the Company convenes the general shareholders meeting of the shareholders (the “GSM”) of the Company (Digi Communications N.V.), to be held on Wednesday, 2 May 2018 at 12:00 p.m. CEST, at Radisson Blu Hotel Amsterdam airport, Boeing avenue 2, 1119 PB Schiphol-Rrijk, The Netherlands. The main topics for the GSM are the following: discussion and approval items on the Annual Report 2017 (including the annual report, the financial statements (consolidated and stand-alone) and the auditor report); appointment of the statutory auditor for the year ending 31 December 2018; approval for the distribution of a gross dividend of 0.35 RON per share; ex-date – 21 May 2018, reference date – 22 May 2018, and the payment date – 29 May 2018; designation of the Board of Directors as the competent body to repurchase own Class B Shares; approval of award of stock options and shares to executi
Pandora to Acquire Leading Digital Audio Ad Tech Firm AdsWizz21.3.2018 13:00 | Pressemelding
Pandora (NYSE: P), the largest music streaming service in the U.S., today announced it will acquire AdsWizz, the global leader in digital audio ad technology. The addition of AdsWizz will upgrade Pandora’s ad tech capabilities, provide its advertisers with greater audience reach, and expand the company’s revenue opportunities. AdsWizz is one of the few ad tech firms that is completely dedicated to digital audio, serving some of the largest players in the industry. With digital audio advertising growing 42% year-over-year, according to the IAB, the combined offering of Pandora and AdsWizz will capitalize on this trend, while making it easier for publishers to monetize their inventory, and for advertisers to buy and measure their campaigns. “Since I joined Pandora six months ago, I have highlighted ad tech as a key area of investment for us. Today we took an important step to advance that priority and accelerate our product roadmap,” said Roger Lynch, CEO of Pandora. “With our scale in a
Fintech Entrepreneur and myPOS Founder Christo Georgiev Reveals Plans to Set Up a Chain of myPOS Stores across Europe21.3.2018 12:51 | Pressemelding
Founder of myPOS, Christo Georgiev announces plans to open myPOS flagship stores across Europe in an effort to bring the service closer to its customers. Designed for small and mid-sized businesses, myPOS offers affordable payment acceptance tools, winning the trust of over 40,000 enterprises across the EEA & Switzerland. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180321005596/en/ An interior view of the myPOS London Store (Photo: Business Wire) Until now, the operational framework of myPOS included a network of promoters in almost every European country and an online store, owned and operated by myPOS. The next logical step was to sell through physical stores. On 8th February 2018, myPOS opened doors to its first flagship store, located on 36 Knightsbridge, London and marked the beginning of a new era for myPOS. Soon after, plans were revealed for other openings in Europe with another location coming up on 5th April 201
AI Expo Europe: The leading Artificial Intelligence Event to Arrive in the European Capital of Innovation, Amsterdam21.3.2018 12:47 | Pressemelding
The AI Expo Europe is set to arrive in the hub of AI innovation, Amsterdam, The Netherlands, this Summer (27-28th June) with an aim of ‘delivering AI for a smarter future.’ The well-connected Dutch capital is known for its unique, rich culture and canal-side views and was even awarded the European Capital of Innovation in 2016 by the European Commission. The city’s AI scene is thriving with the arrival of a world-class artificial intelligence hub by early 2021 and venture capitalist investment. The AI hub will be created in collaboration with the University of Amsterdam (UvA) and the City of Amsterdam at the Amsterdam Science Park, a place where education, research and entrepreneurship will come together as one. Geert ten Dam, president of the UvA’s Executive Board stated that: “Amsterdam is widely recognised both in the Netherlands and abroad for its leading scientific expertise in the area of AI…” This press release features multimedia. View the full release here: https://www.busines
Philip Morris International Shifts Entire Capacity of Its Cigarette Factory in Greece to Smoke-Free Products21.3.2018 12:31 | Pressemelding
Philip Morris International Inc. (PMI) (NYSE: PM) announced today that the factory of its Greek affiliate (Papastratos) in Aspropyrgos, has ceased cigarette production and is now exclusively producing HEETS, the tobacco units used with IQOS, the company’s most advanced smoke-free product. This first full conversion of a cigarette factory is a landmark step in our vision of a smoke-free future where people who smoke switch from the most harmful form of nicotine consumption – cigarettes – to scientifically substantiated smoke-free alternatives. The EUR 300 million investment included the construction of three new buildings and the replacement of cigarette production lines with high-tech facilities capable of producing 10,000 smoke-free tobacco units per minute. The conversion of the factory started in August 2017. The facility is expected to be fully operational by the end of 2018 and will create 400 new jobs. André Calantzopoulos, PMI’s Chief Executive Officer said: “This is a historic