Shearman And Sterling

News Oct 28, 2020

Florac's Investment in Salto

Shearman & Sterling has advised Florac in the context of its acquisition of a minority stake in Salto Systems S.L. ("Salto"), a leading manufacturer of electronic locks and access control solutions, alongside existing shareholders such as Alantra (Spain) and new investors such as Sofina (Belgium) and Peninsula Capital (Luxembourg). Financial investors will hold a combined 30% stake, with the remainder retained by Salto's founding members and managers (60%) and private investors (10%).

Founded in 2001 in Irun, Spain, by a group of experienced entrepreneurs, Salto is a leading manufacturer of electronic locks and access control solutions. Salto’s solutions encompass access points, data carriers and proprietary access control management software.

The funds raised through this transaction allowed Salto to acquire Gantner Electronic Austria Holding GmbH, an Austrian company specialized in access systems, electronic locking and locker systems, cashless payment, cash register and billing systems, staff time recording systems as well as ticketing and management software for leisure facilities. With a combined workforce of 1,200 employees in 40 countries, including more than 230 dedicated to R&D, a turnover of €260 million and over a million access points delivered each year, the combined group consolidates its position as a global leader in electronic access control.

Florac is an investment firm chaired by Marie-Jeanne Meyer, historical shareholder of the Louis-Dreyfus group, and managed by Léopold Meyer. Florac invests € 20M-150M equity tickets alongside strategic partners, founders, or managers, in companies with strong growth prospects and based in Europe and the USA. Florac’s investment in Salto is the third one since the beginning of the year, bringing the number of companies with which it has partnered (as a majority or minority investor) to more than 20 since its creation in 2009. Florac has offices in Paris and Los Angeles.

The Team