Private equity house HgCapital Trust has agreed to sell its European locking systems business, SimonsVoss, to security products specialist Allegion, in a deal valued at €210m (£150m).
SimonsVoss was founded in 1995, and generated sales of €52m in 2014. It employs around 275 people.
Allegion employs almost 8,500 people and its products are sold in up to 130 countries. The company said the deal will allow it to “expand its innovative presence and help SimonsVoss to grow”.
Justin von Simson, partner at HgCapital, said the London-listed firm was “proud” to have partnered with SimonsVoss since 2010.
“This is a strong base from which SimonsVoss can continue to grow under new ownership and we are glad to have found the ideal future partner in Allegion,” he added.
Robert W. Baird acted as financial advisor, and Linklaters acted as legal advisors to HgCapital on this transaction.