Pitcher Partners Sydney partners Rob Dando and Grant Parish are pleased to announce engineering and industrial door supplier AM Group’s divestment to Swedish listed conglomerate, ASSA ABLOY.
Mr Dando, a partner in the corporate finance division at Pitcher Partners Sydney, says that the AM Group complements the existing product offering of ASSA ABLOY and will add to their successful journey in the Australian, UK and US markets.
“It was a pleasure to work with the AM Group, a long-standing client of Pitcher Partners Sydney, on this important transaction for the vendors. We worked alongside the client from the initial stages of the deal formation right through until completion and beyond. The transaction involved a complex restructure, cross border entities and regulatory approval from the ACCC.
Congratulations to all parties involved, most notably our clients, Hall & Wilcox (Chris Brown and Paul Simos) and ASSA ABLOY and their advisers, Allen & Overy and PwC”, Mr Dando said.
AM Group, an Australian company offering innovative entrance automation, is comprised of eight unique manufacturing businesses with subsidiary branch offices in all states. The company entered the North American market in 1996 and has acquired several UK businesses since 2004, including Dover Roller Shutters, Industrial Door Engineering in 2009 and Nassau Industrial Doors Limited in 2014. European sales make up approximately 25% of the group’s revenue.
AM Group was founded in Australia in 1972, then named Monsoon Industries. The company acquired a major competitor ‘Austral Roller Shutters Pty Ltd – in 1986 and rebranded under the Austral Monsoon “AM” moniker. As of late 2019, the company had 425 employees, managed from their head office in Yennora, Sydney.
The AM Group and their employees have been welcomed into the ASSA ABLOY family, adding their strong product portfolio which includes rolling steel doors and bi-fold doors to ASSA ABLOY’s commercial network, technologies and competences.
AM Group’s sales for 2019 were approximately AU120 million or SEK800 million.
Pitcher Partners acted for the AM Group throughout the sale process.