Hg Capital has announced the sale of its interest in SimonsVoss to Allegion plc. Hg Capital Trust’s share of the deal is £18.6m – at this price the fund’s NAV is uplifted by £2.3m. They say the NAV will rise to 1,215.6 pence per share – an uplift of 6.1 pence.
SimonsVoss is a European leader in innovative electronic battery-powered locking and access control systems. Founded in 1995, Hg say SimonsVoss has a proven track record of developing state-of-the-art electronic technologies with a pipeline of pioneering new products. The Company currently generates the majority of its revenues in Germany but is increasing sales in a number of international markets.
During HgCapital’s involvement, SimonsVoss has evolved from a single-product focused company into a broad solutions provider in electronic access control, offering a comprehensive range of products that incorporate the latest technology trends. The management team and the company’s sales capability have been strengthened with a focus on pushing growth through new customer groups, distribution channels and geographic markets. As a strong brand that has invested significantly in R&D and is well-known for innovation, SimonsVoss has a team of global experts and significant technical expertise in safety and security. The company generated sales of €52m in 2014 and has approximately 275 employees.
HGT : Hg exits SimonsVoss