Back in 2008, it looked like SimonsVoss would become part of the Assa Abloy empire, but that deal fell through, and the company today announced that it has been purchased by a private equity firm, HgCapital.
Looks like a pretty good deal for SimonsVoss. They’re reporting roughly 37 million Euro in sales, and a purchase price of around 100 million pounds. If I wasn’t on the PSA-TEC show floor, I’d do more math for you, but that’s about 3x revenue, no?
Nor am I really sure why that Assa deal broke down. Hopefully I’ll get a chance to poke around before a story goes out on Thursday’s newswire. I remember that SimonsVoss made a major play at ISC three years ago, but they’ve been relatively quiet since then.
Maybe the big play didn’t pay off for them with North American sales?