Livingstone Locks Up Acquisition for Sweden's Gunnebo
August 2012Livingstone, the leading independent, international investment banking firm, is pleased to announce publicly traded Gunnebo AB (“Gunnebo” or the “Company”) (OM: GUNN) has acquired Hamilton Safe Companies (“Hamilton”), the largest privately-held safe and security products manufacturer for U.S. banks and the U.S. government. The purchase price was $65 million. Livingstone acted as the exclusive financial advisor to Gunnebo.
Headquartered in Gothenburg, Sweden, Gunnebo Security Group is an international provider of security products and services to a diverse range of customers throughout the world. The Company employs 5,500 people in 31 countries across Europe, Asia, Africa, Australia, and North and South America, and has revenue in excess of $800 million. Gunnebo focuses its global offering on Bank Security & Cash Handling, Secure Storage, Entrance Control and Security Services.
“Hamilton’s core business is a perfect fit for Gunnebo’s offering, extending our core business within the bank security and security for public administration authorities,” stated Gunnebo’s President & CEO, Per Borgvall. “The acquisition also gives us a strong position in the world’s second largest security market. We see great opportunities to develop the business by introducing a selection of solutions from Gunnebo’s global business portfolio to the U.S. Market.”
“Livingstone was an ideal advisor to Gunnebo on this transaction, providing valuable insight and tactical expertise,” said Tomas Wängberg, Gunnebo’s Senior Vice President of Business Development. “We look forward to pursuing additional global opportunities with Livingstone in the future.”
Andrew Bozzelli, Livingstone vice president added, “Advising on this cross-border acquisition highlights Livingstone’s unique global advisory capabilities to companies throughout the world.”
“Gunnebo joins the growing list of blue chip corporates we have worked with on both sides of the table and the Atlantic,” commented Livingstone’s Head of Industrials Andy Isgrig. "Our global industrial team is proud to have worked with market leaders like LaFarge, Middleby, ITT Exelis, and Hubbell, among the 27 industrial sector transactions we have closed in 2011 and 2012."
Taft Stettinius & Hollister LLP served as legal counsel to Gunnebo. PricewaterhouseCoopers LLP provided due diligence services to Gunnebo.
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