Business Wire

OpenGate Capital Sells Getronics LATAM to Southern Cross Group

Del

OpenGate Capital, a global private equity firm, announced today it has completed the sale of Getronics LATAM to Southern Cross Group, a leading Latin American private investment firm. The exit yields greater than 11 times invested capital for OpenGate Capital. Financial terms of the transaction were not disclosed.

Getronics LATAM, with operations in Mexico, Colombia, Peru and Venezuela, is an integrated ICT products and services provider for the large enterprise market including workspace management services, connectivity, data centers and consultancy services.

OpenGate Capital first entered the Latin American market in 2010 through its acquisition of Sopho, a Brazilian IT services company, from Philips. As a strategic add-on, OpenGate Capital then acquired Getronics LATAM from KPN in 2012 to bring greater scale and operating strength across Brazil, Mexico and Colombia. The third phase of OpenGate Capital’s buy and build strategy was the acquisition of Damovo Latin American in 2014 from Damovo Europe. This acquisition added scale, operational capabilities and blue chip customers in Mexico and Brazil. All three acquisitions were made through OpenGate Capital’s legacy, pre-fund investment platform.

Throughout the investment period, OpenGate Capital and Getronics LATAM implemented several strategies to improve the overall value of the business including the following:

  • Cost savings initiatives
  • Consolidated operations
  • Accelerated growth in existing geographies and expanded into new geographies
  • Improved cross-selling product and services opportunities across a pan Latin American group
  • Divested the Brazil operations in January of 2016 to CimCorp

During OpenGate Capital’s ownership period and as a result of these strategies, there has been an increase in revenues of over 11 times and an increase in EBITDA of over five times and OpenGate Capital returned over 11 times its invested capital.

Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO stated, “I am incredibly proud of our investment in Getronics LATAM and the value we created through our operational turnaround and accretive add-on efforts. Under our stewardship, we increased the value of the platform, doubling the EBITDA performance of Getronics. While the Latin American market was challenging, it did not deter us from pursuing what we believed would be a great investment. Through our strategy of working with local management teams and building a deeper understanding of each market’s particular dynamics, we successfully achieved our objectives. As Getronics LATAM transfers to Southern Cross Group we are confident that together they will continue on a path of growth.”

Leading the transaction on behalf of OpenGate Capital was Matthias Gundlach, Senior Principal in the firm’s Los Angeles office, who said, “As far back as 2010, OpenGate Capital saw tremendous potential in a business and a market that many other buyers shied away from given the complexities of integrating and operating a business in several counties. OpenGate built a team on the ground in Brazil and applied its turnaround and add-on acquisition strategies to drive value into the Getronics LATAM business. The sale of the business reflects the results of our efforts and today, Getronics LATAM is well positioned for growth under the ownership of Southern Cross Group given their deep domain knowledge in both the IT services industry and the Latin American market. We thank the team at Southern Cross and Getronics for their support throughout the transaction period.”

OpenGate’s Advisors on the transaction included KPMG Corporate Finance LLC as financial advisor, Morgan, Lewis & Bockius LLP as lead legal counsel, and KPMG LLP as lead tax advisor.

The sale of Getronics LATAM represents the sixth transaction in 2016 for OpenGate Capital following the firm’s acquisitions of Power Partners Inc, Bois et Matériaux, Energi Fenestration Solutions, Alfatherm and EverZinc, each of which was made through its first, private equity institutional fund.

About OpenGate Capital

OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and has a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special-situation investments. To learn more about OpenGate, please visit www.opengatecapital.com.

About Southern Cross Group

Southern Cross Group is a leading Latin America private investment firm. Southern Cross Group's philosophy is to invest in Latin American companies who own assets that, when deployed with a focused strategy, led by an outstanding management team and unburdened with inappropriate capital structures, will seek to achieve a sustainable competitive advantage in their markets.

Contact information

OpenGate Media Contact
Alanna Chaffin, +1 310-432-7000
achaffin@opengatecapital.com
or
OpenGate Business Development Contact
Joshua Adams, +1 310-432-7000
jadams@opengatecapital.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

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

Celltrion Receives Positive CHMP Opinion for Herzuma® for Trastuzumab Biosimilar15.12.2017 22:13Pressemelding

Celltrion, Inc. (KOSDAQ: 068270) announced today that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) issued a positive opinion recommending that Herzuma® (trastuzumab biosimilar) be granted marketing authorization in the European Union (EU) for the treatment of patients with early breast cancer, metastatic breast cancer, or metastatic gastric cancer whose tumors have either HER2 overexpression or HER2 gene amplification. The CHMP’s opinion will now be sent to the European Commission (EC) for final review. Herzuma® is a biosimilar to Herceptin®i, a breast cancer and gastric cancer treatment antibody biologic drug developed by Genentech and marketed by Roche. Herceptin® is a blockbuster drug which had worldwide sales of CHF 6.8 billionii (US$6.8 billion) in 2016, of which CHF 2.1 billioniii (US$2.1 billion) was in

Takeda and TiGenix announce that Cx601 (darvadstrocel) has received a positive CHMP opinion to treat complex perianal fistulas in Crohn’s disease15.12.2017 12:34Pressemelding

Takeda Pharmaceutical Company Limited (TSE: 4502) (“Takeda”) and TiGenix NV (Euronext Brussels and NASDAQ: TIG) (“TiGenix”) today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA), in conjunction with the Committee for Advanced Therapies (CAT), has adopted a positive opinion recommending a marketing authorization (MA) for investigational compound Cx601 (darvadstrocel). Cx601 is expected to be indicated for the treatment of complex perianal fistulas in adult patients with non-active/mildly active luminal Crohn’s disease, when fistulas have shown an inadequate response to at least one conventional or biologic therapy.2 This recommendation marks the first allogeneic stem cell therapy to receive a positive CHMP opinion in Europe. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/201712

Bitcoin Romania and Twispay Announce Integration Partnership Providing Users with the Ability to Purchase Bitcoin with Bank Cards15.12.2017 12:21Pressemelding

Bitcoin Romania, leading Eastern European Bitcoin exchange & brokerage firm, and Twispay, Swiss-owned European payment processor and FinTech pioneer, today announced the availability of a payment integration that allows a global clientele to acquire Bitcoin and Ethereum cryptocurrencies using Visa and Mastercard bank cards. Unprecedented in Romania, this is one of the first East-Central European integration partnerships that allow consumers to use their cards to purchase cryptocurrency. Until recently, investors could only acquire cryptocurrencies through bank transfers and cash deposits, but the volatility of cryptocurrency markets dictates the need for additional operational flexibility. Investors require faster, safer, more reliable, and more comfortable ways to complete purchases. “One minute can make the difference between a million lost and a million earned. That is pr

Upon Conclusion of the Fourth Annual Forum for Promoting Peace in Muslim Societies, Scholars and Intellectuals Visit the Louvre Abu Dhabi Museum15.12.2017 11:38Pressemelding

A high-level delegation of dignitaries, scholars and intellectuals participating in the fourth annual Forum for Promoting Peace in Muslim Societies, visited the Louvre Abu Dhabi museum. The delegation was headed by H.E Mustafa Ceric, former Grand Mufti of Bosnia; alongside Sheikh Mohammad Mukhtar Ould Imbala, Head of Mauritania’s Fatwa & Grievances Supreme Council; H.E Amar Mirghani Hussein, Sudanese Minister of (religious) Guidance and Endowments; and H.E Salho Jay, Imam of the Juma Masjid in South Africa. The Forum was held in Abu Dhabi from 11-13 December 2017, with the participation of more than 700 scholars, intellectuals and religious dignitaries from around the world. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171215005255/en/ Group Photo of the Scholars and Intellectuals during their visit to the L

Kennedy Wilson Acquires 124-Unit Northbank Apartments in Dublin, Ireland for €45 Million15.12.2017 11:00Pressemelding

Global real estate investment company Kennedy Wilson (NYSE: KW) announces that it has acquired Northbank Apartments, a wholly-owned 124-unit apartment community in Dublin’s North Docks, for €45 million from Jarmar Properties Limited (In Receivership) acting through David Carson of Deloitte as Statutory Receiver, the lender being the National Asset Management Agency (“NAMA”). Situated in Dublin’s North Docks, Northbank is located just 50 meters from Kennedy Wilson’s existing 84-unit Liffey Trust apartments. The two buildings benefit from great transport links as the LUAS Red line is immediately adjacent connecting to Dublin’s city centre and main train stations in five minutes. “The successful acquisition of Northbank in such close proximity to our Liffey Trust asset allows us to leverage our existing presence and implement our value-add asset management strategy, including a

AML BitCoin Enters Phase II of ICO15.12.2017 09:00Pressemelding

NAC Foundation, LLC announces today that the initial coin offering for the AML BitCoin – the world’s only patent-pending compliant digital currency – has been extended for another month to accommodate a torrent of last minute, new coin purchasers and the demands of thousands of current owners of the coin, who have had difficulty navigating the process of establishing the specialized wallet required to hold the innovative digital currency. This second phase of the AML BitCoin initial coin offering will see an increase in the price of the coin, from US $1.00 to US $1.25. The company has already been contacted by prospective purchasers in the slightly higher priced Phase II, and anticipates a further price increase to US $1.50 within a week or two. HitBTC, one of the world’s largest and most active digital currency exchanges, was prepared to list the AML BitCoin for trading on

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom