Allegion is to acquire, through its subsidiary Allegion Luxembourg Holding & Financing, SimonsVoss Technologies, a German-based electronic lock company, from HgCapital for EUR210 million.
Global middle market investment bank Baird acted as the exclusive financial advisor to SimonsVoss Technologies and HgCapital on the transaction, which is subject to regulatory approvals. Baird’s international deal team involved senior bankers in both the Europe and the US and included Michael Wolff, Sven Harmsen, Joel Cohen, Chris Cooper, and David Silver.
Frankfurt-based Managing Director Wolff, says: “this deal is highly complementary and will enable both sides to penetrate markets and geographies, creating global leadership in electro-mechanical convergence. The transaction also highlights the strong interest of US corporate buyers to acquire technology-leading German companies.”
Cohen, a US-based Managing Director, says: “this deal illustrates the macro trend of digital technology continuing to influence and permeate Industrial sectors, enabling more efficient processes and creating new growth opportunities.”