Honeywell, Morris Township, N.J., agreed to acquire Gardiner Groupe Europe, a distributor of CCTV systems, fire alarm, intrusion alarm, access control, public address and integrated systems, from Electra Partners Europe, a private equity firm.
The Paris-based Gardiner Groupe Europe reported $260 million in revenue for 2005 and will join Honeywell’s ADI International business, a distributor of security and low-voltage products in Europe. Financials terms were not disclosed.
"The Gardiner Groupe will significantly enhance our scope in security products distribution in Europe, where there is a substantial opportunity for growth in Honeywell’s distribution business," said Ben Cornett, president of Honeywell Security.
In February 2005, Honeywell began to expand ADI, its North American security and low-voltage products distribution business, into Europe by emulating ADI’s model from the North American market. Upon completion of the transaction, Honeywell’s ADI International business will have more than 100 branch locations in 14 European countries.