Private Equity firm OpenGate Capital has completed the acquisition of Jøtul Group, a manufacturer of residential stoves and fireplaces, from Swedish-listed investment company Ratos AB.
“Historically, Jøtul suffered from the impact of high market volatility and underinvestment that made it more susceptible to fluctuating customer demand,” says 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, says: “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.
