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

PartiesElektra Funds,Gardiner Group
Date16 June 2003
Decision NumberM/03/014
StatusCleared (Phase 1)
CourtCompetition and Consumer Protection Commission (Ireland)
Decision Date16 June 2003
Determination of the Competition Authority
Determination No. M/03/014 of the Competition Authority, dated 16th June 2003,
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
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.
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.
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

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