Allegion, plc (NYSE: ALLE), a leading global security products and solutions provider, has completed, through one of its subsidiaries, the previously announced acquisition of Trelock GmbH and related companies.
Trelock is a portable safety and security provider headquartered in Münster, Germany, producing branded bicycle locks, lights and electronic control units. With roots dating back to 1854, Trelock is a leader in the German bicycle market with a strong footprint throughout Europe as well as a presence in Asia. For the fiscal year ending June 30, 2015, Trelock generated nearly €20 million in net revenue.
Following the close of the transaction, Trelock will operate as part of Allegion’s EMEIA region.
“Trelock has a solid reputation for safety, quality, design and innovation, complementing our own Kryptonite and AXA brands in the U.S. and European bicycle markets,” said Lucia Veiga Moretti, Allegion senior vice president and president of EMEIA. “With Trelock added to our portfolio, Allegion will become a world leader in portable security solutions with a comprehensive product offering and broad distribution capabilities that fully support our customers’ needs.”
Trelock Managing Director Andreas Rott will remain with the Trelock business after close in a consulting capacity, supporting the portable security team in executing on its growth strategies.
“Both Trelock and Allegion have employees that have a passion for excellence – driving us to provide the best products and customer experiences possible,” said Rott. “Working together in the portable security space and leveraging combined global demand creation activities will create tremendous opportunities for continued growth.”
Terms of the transaction were not disclosed