29th Jun 2015 11:10
LONDON (Alliance News) - HgCapital Trust PLC said Monday it has agreed the sale of electronic battery-powered locking and access control systems provider SimonsVoss Technologies GmbH to Allegion PLC for EUR210 million.
SimonsVoss generated sales of EUR52 million in 2014.
Allegion is a New York-listed security products and services provider.
"HgCapital is proud to have partnered with SimonsVoss since 2010, when we identified a technology leader and disruptor in the electronic locking industry. We are delighted to have worked with an experienced management team, to support the growth of the business in international markets and advance their technological edge. This is a strong base from which SimonsVoss can continue to grow under new ownership and we are glad to have found the ideal future partner in Allegion," said Partner at HgCapital Justin von Simson in a statement.
Shares in HgCapital were trading up 0.4% at 1,110.00 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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