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Allegion to Acquire Australian GWA Group in Deal Valued at AUD 107m
Wednesday 16 May 2018

16 May 2018 - Ireland-based security products provider Allegion, plc (NYSE: ALLE) has agreed to acquire Australia-based GWA Group Ltd.'s Door and Access Systems Business through one of its subsidiaries, the company said.
The transaction is expected to close in 3Q18. The transaction is valued at AUD 107m (USD 80.5m). Allegion plans to fund the acquisition through existing cash on hand and borrowings under its revolving credit facility.
GWA's Door and Access Systems Business includes Australian brands Gainsborough Hardware and API Locksmiths. Gainsborough is the market-leading residential door hardware brand in Australia, with a portfolio that includes the country's top entrance door lock.
Allegion said this strategic acquisition bolsters Allegion's presence in Australia and significantly increases its scale in the Asia-Pacific region as a whole. The company is enhancing its residential presence with market-leading positions and longstanding customer relationships, all while accelerating the development of electronic security solutions.
The GWA Door and Access Systems Business generated sales of approximately AUD 95 m for calendar year 2017. The business will operate in Allegion's Asia-Pacific region.
Allegion (NYSE: ALLE) is a global pioneer in safety and security, focussed on security around the door and adjacent areas, Allegion produces a range of solutions for homes, businesses, schools and other institutions. Allegion is a USD company, with products sold in almost 130 countries.
Greenhill and Co., LLC acted as financial advisor, and Jones Day acted as legal advisor to Allegion with the transaction.
Date Published: 16/05/2018
Target: GWA Group/Door and Access Systems Business
Country: Australia
Deal Size: 107m (USD)
Sector: Construction/Real Estate
Type: LBO
Financing: Cash
Status: Agreed
Vendor: GWA Group
Buyer: Allegion
Buyer Advisor: Greenhill and Co , Jones Day