Union Capital Exits KEYper Systems
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Union Capital Exits KEYper Systems

Union Capital has agreed to sell KEYper Systems, a supplier of electronic and mechanical key management systems, to Assa Abloy.

KEYper Systems is a maker of key storage and key management systems, padlock management systems, and other asset control equipment. KEYper Systems has 25 employees and 2019 revenues are projected to be approximately $22 million.

KEYper Systems was founded in 1993 and is headquartered in Harrisburg, NC (www.keypersystems.com).

Assa Abloy is a Swedish lock manufacturer and the world’s largest in total revenue. The company’s products include access control, identification technology, entrance automation and hotel security. Assa Abloy owns Yale lock, Sargent and the high-security lock firms of Medeco in the US, Mul-T-Lock in Israel, Fichet-Bauche in France, and VingCard Elsafe International in Norway.  The company is headquartered in Stockholm, Sweden and has approximately 47,000 employees and sales of more than SEK 76 billion (www.assaabloy.com).

“I am very pleased to welcome KEYper Systems into the Assa Abloy Group. The acquisition of KEYper Systems enhances our global product offering in this area and will provide synergy opportunities in North America and other markets,” said Nico Delvaux, CEO of Assa Abloy.

Union Capital invests from $10 million to $40 million in equity in US-based founder-owned businesses that have $20 million to $200 million in revenue and $5 million to $20 million in EBITDA. The firm is typically the first institutional investor in the company. Sectors of interest include specialty manufacturing, business process outsourcing, food manufacturing, marketing services, franchised restaurants, and unusual businesses existing in defensible niches. Union Capital is headquartered in Greenwich, CT with an additional office in Chicago, IL (www.unioncapitalcorp.com)

The buy of KEYper Systems by Assa Abloy is expected to close during the first quarter of 2019.

© 2019 Private Equity Professional | January 14, 2019

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