Global investment firm Carlyle (NASDAQ: CG) today announced it has agreed to sell Amecor, a South African designer, manufacturer and distributor of security communication equipment, to ASSA ABLOY Group. The financial details of the transaction were not disclosed.
Founded in 1994, Amecor is a leading supplier of intelligent security solutions to security companies across Sub-Saharan Africa. The business is headquartered in Johannesburg and has approximately 120 employees. Amecor is responsible for the research, development, manufacture and distribution of hardware devices and for the expansion and management of network services, allowing its customers to provide superior security solutions to their clients.
Through its Carlyle Sub-Saharan Africa Fund (“CSSAF”), Carlyle acquired Amecor in 2019. Alterra Capital Partners (“Alterra”), a private equity firm formed in 2020 by former members of Carlyle’s CSSAF team, became adviser with respect to CSSAF’s investments including Amecor.
During Carlyle’s ownership period, Alterra worked closely with Amecor management to shift the company’s focus from the sale of hardware to the provision of network services. Over the past four years it has more than doubled the subscriber base to over 600,000 monthly users, which has resulted in Amecor increasing recurring revenue to over 70% of total sales. Amecor has also continued to invest in product development and has brought several new technologies to market.
Claire Halliday, Director of Amecor, said: “This is a significant milestone in Amecor’s history and I am excited for the future of the business. Joining forces with ASSA ABLOY as a global leader in access solutions will drive innovation and allow us to expand even further. I would like to express my thanks to Carlyle and Alterra who have been strong partners and have helped us build the Amecor business into what it is today.”
Bruce Steen, Partner at Alterra, said: “It has been a privilege to work with Guy, Claire and the rest of the Amecor team over the last four and half years. Together we have delivered on our value creation strategy for the business and I am delighted to see its strong momentum. I wish the team all the best for the future.”