LONDON (ShareCast) - HgCapital has sold SimonsVoss in a €210m deal with Allegion, the trust said in an announcement Monday.
SimonsVoss, a German electronic lock company which generated sales of about €52m in 2014, had been partnered with HgCapital since 2010.

The deal with Ireland-based security firm Allegion, is subject to regulatory approvals, HgCapital said in a statement.

Allegion chairman David Petratis said SimonsVoss was "highly complementary" to Allegion's portfolio.

"By adding SimonsVoss to the Allegion family of brands, we are expanding our technical expertise and solidifying our global leadership in electro-mechanical conversion.

"We believe SimonsVoss has strong growth prospects and established channel partners in a number of international markets, allowing Allegion to expand its product offering, while Allegion's demand creation capability will benefit the SimonsVoss brand," Petratis said in a statement.

Shares in HgCapital Trust were unchanged at 1,106p at 14:19 on Monday.

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