Fortune Brands Home & Security signs $800m deal with Assa Abloy
Fortune Brands Home & Security has agreed to acquire the Emtek and Schaub premium and luxury door and cabinet hardware brands and the US and Canadian Yale and August residential smart home lock brands from Swedish conglomerate Assa Abloy, for $800 million.
The transaction complements the inorganic growth strategy of the American home and security products company and increases its presence in supercharged categories.
Fortune Brands Home & Security, through the Yale and August brands, expects to scale its complementary security and connected smart home portfolio in the US and Canada. On the other hand, the Emtek and Schaub brands will help the home and security products company foray into a new, highly synergistic premium brand-led segment.
Fortune Brands Home & Security to acquire Yale smart home lock brand and others from Assa Abloy
Nicholas Fink — Fortune Brands Home & Security CEO said: “This Acquisition is perfectly aligned to our strategy as a brand, innovation and channel leader.
“Yale and August will bring two great brands and significant engineering expertise into our already powerful security portfolio.
“Emtek and Schaub allow us to enter a branded, growing and highly profitable category in a leadership position, where we can accelerate innovation and leverage our channel and consumer insights to create significant value over time.
“This transaction is consistent with Fortune Brands’ disciplined approach to value-creating acquisitions.
“Together with our existing iconic brands, loyal channel relationships, and supply chain expertise, we believe these additions will result in enhanced, innovative products for consumers and customers.”
The businesses to be acquired reported revenues of approximately $350 million in 2021.
Fortune Brands Home & Security stated that the deal with Assa Abloy is subject to the successful completion of the acquisition by ASSA ABLOY from Spectrum Brands of its hardware and home improvement business after a favorable resolution of the court proceedings with the US Department of Justice.
The acquisition is anticipated to close in Q2 2023.