Founded in 1902, AXA is a leading European-based residential and portable security provider headquartered in Veenendaal, the Netherlands, with production facilities in the Netherlands, France and Poland. AXA manufactures and sells a branded portfolio of bicycle locks and lights as well as a wide variety of window and door hardware. The products are sold throughout Europe to OEMs, retail distributors and property builders. AXA has approximately 320 employees, generated sales of approximately €60 million in 2014 and is expected to generate double-digit revenue growth in 2015. Allegion originally announced its intent to purchase AXA in July.
Following the closing of the transaction, AXA is expected to operate within the EMEIA region of Allegion. Harry Smeets, CEO of AXA, believes both companies will benefit from the new partnership. “Our product and market strength, coupled with Allegion’s global and portable security footprint, will enable us to enhance our collective offerings to customers,” Smeets said. “Furthermore, leveraging our combined product development capabilities will allow us to accelerate our innovation pipelines. This is an exciting time for both companies.”
The transaction is valued at €185 million. Allegion announced it was funding the acquisition through existing cash on hand and its revolving credit facility.
SimonsVoss, headquartered in Munich, Germany, an electronic lock company with a leading position in the growing European electronic market segment, was acquired by Allegion subsidiary, Allegion Luxembourg Holding & Financing S.à r.l. The company’s comprehensive suite of solutions for electronic access control is sold globally. As a strong brand that’s well-known for innovation, SimonsVoss brings a legacy of global experts and technical expertise in the safety and security business. SimonsVoss generated sales of approximately €52 million in 2014 and has approximately 275 employees. Allegion announced its intent to purchase SimonsVoss in June.
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.
This transaction is valued at €210 million and funding was to be accomplished via the same route as the AXA acquisition.