Allegion to Acquire Australian Residential Door Hardware Leader Gainsborough, National Commercial Locksmith

Allegion to Acquire Australian Residential Door Hardware Leader Gainsborough, National Commercial Locksmith
Photo source
www.allegion.com

Date: 15 May 2018

Allegion, plc has agreed to acquire GWA Group Limited’s Door and Access Systems Business through one of its subsidiaries. The transaction is expected to close in the third quarter of 2018.

GWA’s Door and Access Systems Business includes renowned Australian brands Gainsborough Hardware and API Locksmiths. Gainsborough is the market-leading residential door hardware brand in Australia, with a portfolio that includes the country’s top entrance door lock. API Locksmiths is the commercial market leader for keying, installation and access control services across the country.

“This strategic acquisition bolsters Allegion’s presence in Australia and significantly increases our scale in the Asia-Pacific region as a whole,” said David D. Petratis, Allegion president, chairman and CEO. “We’re enhancing our residential presence with market-leading positions and longstanding customer relationships, all while accelerating our development of electronic security solutions. This is consistent with Allegion’s growth strategy in the region – and highly complementary to our core business.”

The GWA Door and Access Systems Business generated sales of approximately AUD 95 million for calendar year 2017. The business will operate in Allegion’s Asia-Pacific region.

“The Door and Access Systems Business is strong, and we believe Allegion can maximize its potential,” said Tim Salt, GWA managing director. “Allegion’s global scale, innovative technologies and supply chain capabilities will enable both Gainsborough and API to further enhance their offerings to customers.”

The transaction is valued at AUD 107 million. Allegion plans to fund the acquisition through existing cash on hand and borrowings under its revolving credit facility. Excluding merger and acquisitions costs, Allegion expects the transaction to be slightly accretive to adjusted EPS for 2018.

Greenhill & Co., LLC acted as financial advisor, and Jones Day acted as legal advisor to Allegion with the transaction.

600450 Allegion to Acquire Australian Residential Door Hardware Leader Gainsborough, National Commercial Locksmith glassonweb.com

Others also read

At the prestigious corner of Royal Parade in Melbourne, The Peter Doherty Institute for Infection and Immunity speaks softly yet captures attention.
Quanex Building Products announced it will acquire Tyman, a London-based producer of fenestration components and access solutions.
NorthGlass won the "Preferred Brands of Architectural Glass" and "Supreme Award of the 10th North Star Architecture Award"
The LiSEC subsidiary in Australia has experienced remarkable growth, a testament to its commitment to excellence and innovation.
REDWAVE, the global leader in glass recycling solutions, has supplied Australia's most advanced glass recycling facility, worth around 20 million euros.
The TUROMAS Group is opening a new line of business that will be developed through a newly created company that will be incorporated into its holding: Distecglass S.L.

Add new comment

From industry

NEWS RELATED PRODUCTS

Guardian Glass Europe
Qingdao REXI Industries Co., Ltd
A+W Software GmbH