Allegion locks up SimonsVoss purchase
Allegion, plc, has agreed, through its subsidiary Allegion Luxembourg Holding & Financing S.à r.l, to acquire SimonsVoss Technologies GmbH from HgCapital. The transaction is expected to close in the third quarter of this year, subject to regulatory approvals.
SimonsVoss, headquartered in Munich, Germany, is an electronic lock company. It generated sales of approximately €52 million in 2014 and has approximately 275 employees.
“SimonsVoss is highly complementary to Allegion’s portfolio and provides sound synergy opportunities,” said David D. Petratis, chairman, president and CEO of Allegion. “By adding SimonsVoss to the Allegion family of brands, we are expanding our technical expertise and solidifying our global leadership in electro-mechanical convergence. We believe SimonsVoss has strong growth prospects and established channel partners in a number of international markets, allowing Allegion to expand its product offering, while Allegion’s demand creation capability will benefit the SimonsVoss brand.”
Following the closing of the transaction, SimonsVoss is expected to operate within the EMEIA region of Allegion. SimonsVoss CEO Bernhard Sommer will continue to lead the business. Sommer said joining Allegion will provide the German company with exciting opportunities.
The transaction is valued at €210 million.