Allegion to acquire SimonsVoss

June 29, 2015
German-based access control manufacturer bought for €210M

European-based private equity firm HgCapital on Monday announced that it has agreed to sell SimonsVoss, a manufacturer of electronic locking and access control systems, to Allegion for €210 million.

According to a statement, German-based SimonsVoss generated sales of €52 million in 2014 and has approximately 275 employees.  

"SimonsVoss is highly complementary to Allegion’s portfolio and provides sound synergy opportunities. By adding SimonsVoss to the Allegion family of brands, we are expanding our technical expertise and solidifying our global leadership in electro-mechanical conversion. We believe SimonsVoss has strong growth prospects and established channel partners in a number of international markets, allowing Allegion to expand its product offering, while Allegion’s demand creation capability will benefit the SimonsVoss brand," said Allegion Chairman, President and CEO David Petratis.

"We are pleased with what we have achieved with the active support of HgCapital throughout our partnership. Allegion’s global footprint in both the commercial and residential security markets will help drive new growth opportunities for us. At the same time, SimonsVoss can contribute industry-leading technology to help Allegion develop more security solutions for unique customer needs. This is a great fit for both companies, and we look forward to joining the Allegion family," said SimonsVoss CEO Bernhard Sommer.