The Stanley Works announced today that all conditions have been satisfied and it has completed the acquisition of Security Group, Inc.
Security Group is comprised of two primary operating companies: Sargent & Greenleaf, Inc., a leading manufacturer of medium and high security locks and locking systems for the financial, government and retail markets; and Safemasters, a North American access control provider offering a wide variety of physical security installation, maintenance and repair services, with emphasis on mechanical locking systems.
Total consideration for the two acquisitions will approximate $56 million, comprised approximately of $49 million cash and $7 million notes payable, an average purchase price of approximately 1.0 times annual sales and approximately 7 times EBITDA (earnings before interest, taxes, depreciation and amortization).