RÃœMLANG, Switzerland – dormakaba, based here, completed the acquisition Mesker Openings Group, a commercial door and hardware company. The $142.5 million purchase price is said to amount to an EBITDA multiple of 8.9x on 2016E basis.
Mesker was founded in 1864 and is based in Huntsville, Ala. The company offers a diversified product portfolio for commercial, industrial and institutional uses under four brands: Mesker Door, Hollow Metal Xpress, Design Hardware and Wood Door Xpress. The company’s five manufacturing and distribution facilities are strategically located in key regions of the United States, providing significant efficiencies in delivering customizable products with very short lead times.
Mesker has about 400 employees and reported turnover of about $67 million in 2015, with an adjusted EBITDA margin close to 20%.
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With the acquisition of Mesker, dormakaba will increase the breadth of its product offering in North America, including products such as manual doors and frames. It will also provide dormakaba with expanded distribution network and channels, and it will open up sales opportunities due to dormakaba’s presence in verticals such as lodging and multihousing, as well as in sales channels such as security hardware, contract hardware distribution and services.
dormakaba was created in 2015 following the merger agreement between Germany’s Dorma Holding and Kaba. The transaction created a top-three player in the door hardware and access control equipment market with revenue topping $2.1 billion.
