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:

“The merger with Corporate Safe expands both company’s capabilities on a global scale,” said Philip Bradney, President & CEO of Fire King. “The two companies have long been recognized as premier manufacturers and service providers of security, safety and asset protection solutions. This enables both businesses to offer a more comprehensive product and service solution for customers.”

“This combination creates the nation’s premier cash security firm,” said Edward McGunn, President & CEO of Corporate Safe. “We are looking forward to partnering with Fire King to continue to provide the innovative products and solutions that our customers have come to expect.”

Scott Finegan, Managing Director at Pfingsten, noted, “Corporate Safe and Fire King unite two industry leaders to capitalize on the high growth potential we see with intelligent safes and services and accelerate each company’s business model. We are excited to be in a position to better serve this dynamic market.”

Fire King is a global manufacturer and national service provider of security, safety and asset protection products. Products include fire and impact-resistant file cabinets and safes, traditional and intelligent safes and digital video security systems. The company sells its branded and private-label products and services to a variety of retail end-users, commercial end-users and mass merchandisers.