OpenGate Capital is in the process of purchasing stove/fireplace manufacturer Jøtul Group. The company – headquartered in Norway – provides a wide range of fireplace and related items throughout Europe, Asia and North America, while manufacturing in Europe and the US. For fund facilitation of the transaction a senior secured bond with Nordic institutional investors was raised by OpenGate. The deal was engineered by an OpenGate MD, Fabien Marcantetti. Chief Executive and founder of OpenGate, Andrew Nikou explained:
“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.”
The Magellan Financial Group (specializing in real estate investment and related industries) recently sold its 144,000-square-foot building to the U.S. Storage Center. With a $36 million price tag, this transaction – at 5415 E. Olympic Boulevard – was the final part of Magellan’s three-year, $375 million investment strategy within the Southern Californian region.