dormakaba will acquire U.S.-based Mesker Openings Group, a leader in the commercial door and hardware industry, for $142.5 million. The transaction is expected to close in 2016 upon the satisfaction of customary closing conditions. Other terms were not disclosed.
“The acquisition of Mesker is a continuation of the industrial logic underlying the merger to dormakaba and a consistent implementation step of our strategy for North America,“ said CEO Riet Cadonau. “It will expand our offering in North American to include all essential door components as well as secure access to buildings and rooms from a single source.”
Mesker was founded in 1864 and is based in Huntsville, Ala. It offers a diversified product portfolio for commercial, industrial and institutional uses under four well-recognized brands in the industry (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 providing significant efficiencies in delivering customizable products with very short lead times.
The addition of Mesker will also provide dormakaba with expanded distribution network and channels, and it will open up attractive sales opportunities due to dormakaba’s presence in verticals such as lodging and multi-housing, as well as in sales channels such as security hardware, contract hardware distribution and services.
Mesker has about 400 employees and generated turnover of about $67 million in 2015, with an adjusted EBITDA margin close to 20 percent.
