A fund managed by capiton AG signed an agreement to acquire Cedes AG from ASSA ABLOY AB (OM:ASSA B).
September 06, 2020
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A fund managed by capiton AG signed an agreement to acquire Cedes AG from ASSA ABLOY AB (publ) (OM:ASSA B) on September 7, 2020. Cedes AG reported sales of €51 million for the year 2019. As part of the acquisition the transaction will be financed by the capiton VI fund and co-investors investing alongside capiton. The transaction will have a neutral effect on ASSA ABLOY's operating margin. The transaction is subject to customary closing conditions and is expected to close during the fourth quarter of 2020. The transaction will have a neutral effect on ASSA ABLOY´s operating margin.
KPMG Advisory N.V. and Rautenberg Moritz & Co. GmbH acted as financial advisors, Ernst & Young LLP (UK) and A V S & Co acted as accountants, Jan-Peter Heyer, Tina Schmidt, Till Wansleben, Sylko Winkle, Andrea Reichert-Clauß pf of BMH Bräutigam & Partner Rechtsanwälte mbB and Dominic Köstneracted, Zheng Ye, Kerui Li, Jiaying Luo, Mengyuan Gong and Patrick Heid of Graf von Westphalen Bappert & Modest acted as legal advisors to capiton AG. Thomas Brönnimann and Philippe Weber, Markus Kronauer and Nicolas Birkhäuser of Niederer, Kraft & Frey acted as legal advisors to ASSA ABLOY AB (publ). Till Karrer and Simon Wahl of Ernst & Young LLP acted as due diligence provider to capiton AG.
Assa Abloy AB is the world's leading manufacturer of locking systems. Net sales break down by family of products as follows:
- security doors and systems (47.1%): shielded and automatic doors, magnetic card locking systems (for use by hotels) and security systems for parking meters, slot machines), etc.;
- electronic and electromechanical locking systems (30%): access codes, electronic locks, etc.;
- mechanical locking systems (22.9%): locks, padlocks, bolts, etc.
Net sales are distributed geographically as follows: Europe (32.4%), North America (51.7%), Asia (7.4%), Oceania (4%), Americas (3.3%) and Africa (1.2%).
ASSA ABLOY AB 
