Gunnebo Security Group signed an agreement with the main shareholders to acquire all the shares with the US’s second largest producer and supplier of physical security products to banks and government, Hamilton Safe Companies.
The privately owned Hamilton Safe Companies was founded in 1967, and has an annual sale of USD 70 million (2011). Hamilton has 300 employees split into seven legal entities located in Cincinnati, Ohio, USA. Sales are predominantly made in the US and Canada under the main Hamilton Safe brand, and customers are largely US banks and public administration authorities.
“The acquisition of Hamilton is very much in line with Gunnebo’s strategic agenda,” says Gunnebo’s President & CEO, Per Borgvall. “First of all, Hamilton is a quality business with an EBIT-margin above Gunnebo’s financial targets. The acquisition is expected to make a positive contribution to Gunnebo’s earnings before interest and tax, as well as a marginal positive impact on earnings per share, for 2012.”
Further commenting on the acquisition Per Borgvall said, “Moreover, Hamilton’s core business is a perfect fit for Gunnebo’s offering, extending our core business within bank security and security for public administration authorities. The acquisition also gives us a strong position in the world’s second largest security market. We see great opportunities to develop the business by introducing a selection of solutions from Gunnebo’s global business portfolio to the US market.”
Hamilton’s product portfolio includes safes, safe deposit lockers, vaults, vault doors, entrance control systems and point-to-point air transport systems, all produced in Hamilton’s five production units. Sales are predominantly carried out through a well-developed nationwide network of distributors. The purchase price is USD 65 million on a debt and cash free basis. Hamilton Safe Companies will be consolidated into Gunnebo’s Business Area, Bank Security & Cash Handling.
An interview with Per Borgvall commenting on the acquisition is attached to this press release: