Allegion (Kryptonite) Taking Over Locks & Lights Maker AXA Stenman
DUBLIN, Ireland – Allegion Plc is taking over Axa Stenman Holding; the Dutch maker of home security products as well as (ring)locks and lights for bikes which the company is selling on an OE and AM basis. Allegion is a US dollar 2 billion company selling security products in almost 130 countries including Kryptonite branded locks.
Allegion states that the transaction is valued at € 185 million. The company is buying Axa Stenman Holding from private equity firm Gilde Buy Out Partners and the other selling shareholders. New York stock market listed Allegion funds the acquisition through existing cash on hand and its revolving credit facility. The take-over is taking place through one of its subsidiaries. The transaction is expected to close in the third quarter of this year, subject to regulatory approvals.
Production in the Netherlands, France and Poland
Axa, based in Veenendaal, the Netherlands, has production facilities in the Netherlands, France and Poland. Next to bicycle locks and lights Axa produces a wide variety of window and door hardware. Axa has approximately 320 employees, generated sales of approximately € 60 million in 2014 and is expected to generate double-digit revenue growth in 2015.
Strengthens our Kryptonite brand
Allegion Chairman, President and CEO David D. Petratis said, “Axa’s portable security portfolio strengthens our Kryptonite brand, and Axa’s residential product leadership in the Netherlands adds to our strong portfolio of local European brands, including CISA, Bricard and Briton.”
Harry Smeets, CEO of Axa said, “Our product and market strength, coupled with Allegion’s global and portable security footprint, will enable us to enhance our collective offerings to customers. Furthermore, leveraging our combined product development capabilities will allow us to accelerate our innovation pipelines. This is an exciting time for both companies.”
Kryptonite partnership with Shimano Europe
With regard to Kryptonite the lock maker entered into a distribution partnership with Shimano Europe which was announced last week. The partnership involves the distribution of Kryptonite bicycle products Shimano Europe’s sales offices in the Netherlands, Belgium, Luxembourg, France, Sweden, Denmark, Finland and Norway starting on September 1st, 2015. Shimano will be managing all sales, marketing, and customer service responsibilities for these countries.