Master Lock Acquires Sentry Safe for $117.5M
Sentry Safe is a leading producer of personal safes, fire-resistant chests, files and gun safes.
Fortune Brands Home & Security Inc., Master’s parent company, revealed the acquisition as part of its second-quarter earnings report, DemocratandChronicle.com reports.
Sentry Safe staffs approximately 500 employees at its Rochester, N.Y., headquarters and Cannelton, Ind., facility, according to the filing with the U.S. Securities and Exchange Commission.
Sentry Safe was founded in Rochester by John D. Brush Sr. and Willard Punnett in 1930. The privately held company has estimated annual sales of $150 million, according to the filing.
John Brush’s grandsons, Doug and Jim Brush, were honored in 2011 for the company’s continued success and contribution to the Rochester economy, according to DemocratandChronicle.com.
“Sentry Safe’s global brand strength in the adjacent personal safe market enables Master Lock to broaden its product offerings and leverage its iconic brand worldwide,” said Fortune Brands CEO Chris Klein in the filing.
“Both companies hold similar competitive advantages in their markets and produce products that protect people’s most valuable assets,” Klein said. “I am excited about the growth opportunities we will now have together to drive innovation, leverage global distribution and expand channels.”
The transaction was funded from the Fortune’s existing credit facilities.
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