Stanley Completes Acquisition of Security Group

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).

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