SecurityWorldMarket

12/07/2021

Assa Abloy sells Nordic locksmith business to investment company

Stockholm, Sweden

Nico Delvaux, CEO and President of Assa Abloy comments on the divestment

Assa Abloy has signed an agreement to sell its Nordic locksmith business Certego to Nalka Invest, which invests in small- and medium-sized businesses primarily in the Nordic region. This transaction reinforces the strategic focus on the core security solutions business of the Assa Abloy Opening Solutions EMEIA Division.

Certego is a market-leading locksmith and security solutions installation business in the Nordic region. It provides planning, installation and managing of mechanical, electro-mechanical and electronic security solutions for customers across multiple verticals. Certego has a network of around 70 locations with some 1,200 employees in Sweden, Finland, Norway and Denmark. The impact from the divestment on Assa Abloy external sales is around SEK 1.5 bn.

"I find it satisfying that with Nalka Invest we were able to find a committed, experienced owner that gives the business a new home and creates new opportunities for the future,” says Nico Delvaux, President and CEO of Assa Abloy.

“Recent trends in the security solutions installation market, including the growing need to offer a comprehensive range of different solutions, has led us to reconsider the merits of continued ownership of Certego. We have concluded that a divestment would allow EMEIA to focus resources in its core business. I am confident that Nalka Invest will take Certego to the next level as part of their business transformation and wish them and the Certego team every success in their future endeavours,” says Neil Vann, Executive Vice President of Assa Abloy and Head of EMEIA Division.

According to the company, the transaction will have a positive effect on Assa Abloy´s operating margin going forward and the divestment will result in a capital loss and exit costs amounting to approximately MSEK 200.

The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the third quarter of 2021.


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