Decision Nº M/03/014 from Competition and Consumer Protection Commission, 2003-06-16

• Jurisdiction: Ireland
• Parties: Elektra Funds,Gardiner Group
• Date: 16 June 2003
• Decision Number: M/03/014
• Status: Cleared (Phase 1)
• Court: Competition and Consumer Protection Commission (Ireland)
• Decision Date: 16 June 2003

Determination of the Competition Authority

Determination No. M/03/014 of the Competition Authority, dated 16th June 2003,

under Section 21 of the Competition Act, 2002

Notification No. M/03/014 – Acquisition by Lisbonne Finance 3 SA, funded by

Electra Funds, of the Gardiner Group from CDME UK Limited and Rexel

France SAS

Introduction

1. On 29th May 2003 the Competition Authority, in accordance with Section 18 (1)

of the Competition Act, 2002 (“the Act”) was notified, on a mandatory basis, of a

proposal comprising a leveraged buy out, whereby Lisbonne Finance 3 SA

(“Lisbonne”) would acquire Gardiner Group Management SA, Gardiner Group

plc, Stentorius SAS and JLD SAS (together “the Gardiner Group”) from CDME

UK Limited and Rexel France SAS (“the Vendors”).

The Parties

2. Lisbonne is a new company acquisition vehicle, which is being financed by

Electra Funds, a group of companies owned by Electra Partners Limited, a

private equity investment firm. Fourteen per cent of the equity in Lisbonne is

owned by the management team involved in the purchase and the remainder is

owned by Electra Funds. Electra Partners Limited has two subsidiaries in

Ireland, BWG Group, which owns the SPAR trademark in the State and Safety

Kleen Limited which is involved in the renting and servicing of plant degreasing

and cleaning equipment.

3. The Gardiner Group is a distributor of electronic security products such as

intruder alarms and CCTV and is present in a number of European countries

including Ireland. Its Irish operations are conducted through Gardiner Security

(IE) Limited.

Analysis

4. Neither Lisbonne, Electra Funds nor Electra Partners nor any of its subsidiaries

carry on business in Ireland or elsewhere in the area of electronic security

equipment. Accordingly there is no overlap in the parties’ activities in this area

and the transaction does not give rise to competition concerns.

Determination

5. The Competition Authority, in accordance with Section 21(2) of the Competition

Act, 2002, has determined that, in its opinion, the result of the proposed

acquisition will not be to substantially lessen competition in markets for goods

and services in the State and, accordingly, that the acquisition may be put into

effect.

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