Florac

Company

Founded in 2001 in Irun, Spain, by a group of experienced entrepreneurs, Salto Systems (“SALTO”) is a leading manufacturer of electronic locks and access control solutions. SALTO’s solutions encompass access points (such as escutcheons, cylinders, control units and locker locks), data carriers (such as smartphone apps, smart cards, key fobs, wristbands, vehicle access devices) and proprietary access control management software.

The company caters to prestigious customers in Education (e.g. Princeton University, University of Oxford), Hospitality (e.g. Hilton, Meliá Hotels and Resorts), Healthcare (e.g. Cleveland Clinic), Commercial (e.g. Assemblée Nationale, T-Mobile), Working Spaces (e.g. IWG Group, The Executive Center), Retail (e.g. BBVA, Migros), Coliving & Student Accommodation (e.g. The Student Hotel, Sonder) and Residential (e.g. Greystar).

Investment

Florac took a minority stake in SALTO in October 2020 alongside existing shareholders such as Alantra and new investors such as Sofina and Peninsula Capital. Financial investors will hold a combined 30% stake, with the remainder retained by SALTO’s founding members and managers (60%) and private investors (10%).

The funds raised through this transaction allowed SALTO to acquire Gantner Electronic Austria Holding GmbH (“Gantner”), 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.

Key Achievements

SALTO has grown at a strong pace over the past few years, driven by (i) substitution from mechanical locks to electronic locks, which enable a more secure and cost-efficient management of keys and access control, (ii) within electronic locks, an increased penetration of wireless locks, pioneered by SALTO, which can integrate more easily into existing buildings, (iii) international expansion, organically or via acquisitions, and (iv) market share gains, on the back of a strong reputation among its end customers and channel partners (innovative, robust, aesthetic and easy to install products, and reactive service).

In addition to Gantner, SALTO has added Clay (NL) and Danalock (DK) to its portfolio in recent years, thereby strengthening its position in cloud, mobile access, and customer-centric solutions such as ticketing systems and cashless payment. 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. SALTO’s customers will be able to offer their guests, clients, visitors and employees a hassle-free journey (e.g. access to parking lot, main entrance, elevators, ticketing, cashless payment, lockers and changing rooms, office doors, rooms, canteen and leisure facilities), all with the same credential.

Investment Date

October 2020

Status

In portfolio

Sector

Access control

Investment Type

Minority Investment

Headquarters

Oiartzun, Spain

Revenues

€260m

Headcount

1,200

Management Team

Javier Roquero

Website

www.saltosystems.com