Though Assa Abloy announced its agreement to purchase UK lock manufacturer Paddock back in May, it looks like the deal has now gone final, as the private equity firm that sold Paddock is now crowing about the deal.
From the original Abloy release:
“Paddock is a great addition to ASSA ABLOY UK and to the EMEA business as a whole. This is an important acquisition which enhances our position in the fast growing multipoint lock segment. Paddock has innovative products, impressive market presence and a very experienced team. The addition of Paddock’s product portfolio will contribute significantly to our future growth,” says Tzachi Wiesenfeld, Executive Vice President of ASSA ABLOY and Head of EMEA Division.
Which, since it doesn’t really mention the US/North America, was why I mostly ignored it. Probably not a completely small deal, though. Paddock does about $50 million in annual revenues.
However, in the release today from the equity guys, I get this:
James Benfield, Director of Baird Capital Partners Europe, said “Under Baird’s ownership, the business has developed internationally into US, Europe and Asia and I have no doubt that, as part of ASSA ABLOY, the business will continue its successful international expansion.”
So maybe there is some North American play here. I’ve got a call in to the US Assa offices to see what’s what.