Allegion acquires lock company SimonsVoss
DUBLIN—Allegion is acquiring SimonsVoss Technologies from HgCapital. The transaction, valued at €210 million ($234 million), is expected to close later this year.
SimonsVoss is an electronic lock company, headquartered in Munich with a global presence. SimonsVoss generated sales of approximately €52 million in 2014 and has approximately 275 employees, Allegion said in a release.
“SimonsVoss is highly complementary to Allegion’s portfolio and provides sound synergy opportunities,” David D. Petratis, chairman, president and CEO of Allegion, said in a prepared statement. “By adding SimonsVoss to the Allegion family of brands we are expanding our technical expertise and solidifying our global leadership in electro-mechanical convergence.”
SimonsVoss is expected to operate within the EMEIA region of Allegion after the transaction is finished. SimonsVoss CEO Bernhard Sommer will continue to lead the business.
“We are pleased with what we have achieved with the active support of HgCapital throughout our partnership. Allegion’s global footprint in both the commercial and residential security markets will help drive new growth opportunities for us,” Sommer said in the statement. “At the same time, SimonsVoss can contribute industry-leading technology to help Allegion develop more security solutions for unique customer needs.”
Allegion plans to fund the acquisition through existing cash on hand and its revolving credit facility, the company said.
Greentech Capital Advisors acted as financial advisor, and Baker McKenzie LLP acted as legal advisor to Allegion with the transaction. Robert W. Baird acted as financial advisor, and Linklaters LLP acted as legal advisor to HgCapital with the transaction.