Allegion plc (NYSE: ALLE), a leading global provider of security products and solutions, closed the deal to sell its Denmark-based producer of door levers, Randi, to Eco Schulte GmbH, a family-owned German producer of trim and lock products. In return, Allegion receives a minority stake in Eco Schulte, forging a mutually beneficial partnership between Allegion and Eco Schulte.
Delphi Advisors acted as the exclusive strategic and financial advisor to Allegion plc.
The deal furthers Allegion’s global growth strategy, strengthening its presence in the German market, while providing Eco Schulte the benefits of a multi-national partner. Eco Schulte is a third generation family-owned manufacturer of high-quality door function systems including levers, mechanical exits, closers and locks. It sells its products through door manufacturers, construction wholesalers, and partners.
The transaction includes a set of commercial agreements related to product sales, product supply, and potentially joint product development. Eco Schulte will be named as a dealer of a large portion of the Allegion EMEIA portfolio in Scandinavia. Conversely, Allegion will have continued rights to the Randi product line for sale throughout Europe. Allegion will also receive a seat on Eco Schulte’s Advisory Board. Randi products will continue to be sold and available in their current markets.
About Allegion
Allegion (NYSE: ALLE) creates peace of mind by pioneering safety and security. As a $2 billion provider of security solutions for homes and businesses, Allegion employs more than 7,800 people and sells products in more than 120 countries across the world. Allegion comprises 23 global brands.
About Delphi Advisors
Delphi Advisors, with offices in Frankfurt am Main, Germany specializes in developing growth strategies and implementing cross-border expansion and Mergers and Acquisitions projects, including complex corporate carve-outs for European and North American clients.