Allegion to acquire ELATEC from Summit Partners for €330m.

Allegion, a provider of security products, agreed to acquire ELATEC, a manufacturer of security and access technology, from Summit Partners, an investment firm, for €330m. “Adding ELATEC to the Allegion portfolio is a unique opportunity to scale our electronics business in attractive non-residential markets with technology that’s core to who we are as a pureplay security and access solutions provider. ELATEC is a leader in their field and a natural extension of our own reader and credential product lines with high-single digit to low-double digit growth consistent with Allegion’s financial profile in electronics. This strategic acquisition builds on our legacy of innovation, market leadership and superior customer experiences and will result in added value for our shareholders,” John H. Stone, Allegion President and CEO.