Security Sales & Integration October 2022 - 14

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ENTRY/EXIT
IDENTIFICATION LOCKS
ASSA ABLOY Adds Door
Specialist J Newton Enterprises
▶ STOCKHOLM - ASSA ABLOY has
acquired J Newton Enterprises, a leading
pedestrian door distributor and service
company based in Inverness, Fla.
" I am very pleased to welcome J Newton
Enterprises into the ASSA ABLOY Group.
This acquisition delivers on our strategy
to reinforce our current offering within
entrance automation, " says Nico Delvaux,
president and CEO of ASSA ABLOY.
J Newton Enterprises was established
in 2003 and has more than 60 employees
across six locations. The company
furnishes, installs, services and repairs all
makes and models of commercial and automatic
doors, it says.
" J Newton Enterprises is a key player
in the Florida market, strengthening our
existing pedestrian business and our serof
Entrance Systems Division.
ASSA ABLOY says sales for 2021
amounted to about $16 million with a
good EBIT margin. The acquisition will
be accretive to EPS from the start.
ASSA ABLOY also recently announced
an update on the closing of its acquisition
of Spectrum Brands' Hardware and
Home Improvement (HHI) division.
When the deal was announced last
J Newton furnishes, installs, services
and repairs all models of commercial
and automatic doors.
vice offering in that region, enabling us
to provide an even better customer experience, "
adds Massimo Grassi, executive
vice president of ASSA ABLOY and head
Brivo Terminates Crown PropTech Merger
▶ WASHINGTON D.C. - Brivo has informed Crown PropTech
it will not move forward with its proposed merger, according
to an SEC filing from Aug. 10. Per terms of the merger agreement,
either party could terminate the deal if it had not been
consummated by Aug. 9.
Brivo and Crown PropTech, a publicly traded special purpose
acquisition company, announced last November they had
entered into a definitive merger agreement that would result in
Brivo becoming a publicly listed company.
The transaction valued the company at a pro forma enterprise
value of $808 million, and would have resulted in Brivo
being listed under the ticker symbol " BRVS. "
According to the SEC filing, Crown PropTech believes Brivo
breached certain terms of their combination agreement prior
to the termination. It also states that an affiliate of Brivo chairman
Dean Drako breached a stockholder support agreement
related to the proposed merger. However, Brivo says the deal
fell apart after Crown PropTech could no longer meet the minimum
cash condition of the deal.
" What really happened is that Crown wanted to renegotiate
the terms from what we had agreed in our BCA last November.
Then they were not able to reach agreement with their primary
financing source to extend, which meant that they couldn't
meet the minimum cash condition of the deal, " Brivo CEO
14
Security Sales & Integration OCTOBER 2022
September, it was expected to close by
the end of 2022. However, because the
U.S. regulator continues to review the
proposed acquisition of HHI and ASSA
ABLOY works to resolve its potential
concerns, the companies have agreed to
extend their agreement to June 30, 2023.
Both sides say they remained committed
to the transaction.
Steve Van Till tells SSI. " Upon expiration of the agreement, we
had no choice but to walk away. We do not believe we breached
any of the terms of the BCA and will vigorously defend, enforce
our rights and consider other options. "
ACRE Completes SISCO Acquisition
▶ DALLAS - Holding company ACRE, a global provider of
security systems, announces it has completed its acquisition of
Security Identification Systems Corp. (SISCO).
The combination of ACRE's comprehensive security technology
portfolio with SISCO's solutions for credentialing and
visitor management fortifies the ability to deliver a wide range
of complementary technology options to ACRE's customer
base, according to the company.
Founded in 1994 in South Florida, SISCO is a provider of
visitor management solutions for credentialing, compliance
and tracking. It provides security products and services that
are said to utilize state-of-the-art technologies and integrated
security solutions for an ever-changing business environment
that can be deployed on-premises or SaaS (hosted or Cloud).
SISCO solutions can be found in verticals such as airports,
healthcare, education and cruise ships. " SISCO has been a
pioneer in the visitor management segment and has continued
to innovate and expand its roadmap over the years, " says Don
Joos, CEO, ACRE.
securitysales.com
http://www.securitysales.com
Security Sales & Integration October 2022

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