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Gunnebo intends to sell its operations in France, Belgium and Luxembourg to the private equity firm Opengate Capital. The transaction is expected to be finalized in the fourth quarter of 2018.
According to a press release
The planned sales include the French sales company, the two French manufacturing units Bazancourt and Baldenheim and the activities in Belgium and in Luxembourg. The business turnover of the company rose to 117 million euros in 2017.
The purchase price is declared "symbolic" and the sale should result in a loss of 60 to 65 million euros. Of these, 15 million should generate cash in the form of capital injections and transaction costs. "The planned divestment is in line with Gunnebo's strategy of creating a more concentrated business around the Safe Storage, Cash Management and Entrance Control product sectors, and the planned divestment is a consequence of Gunnebo's strategy to concentrate the business." activity around certain product sectors, which means a shift from the region to the product As of the second quarter of 2018, the Group will present its financial reporting on the basis of four Business Units – Secure Storage, Cash Management, Access Control and Integrated Security
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