ASSA ABLOY set to acquire France-based manufacturer

It has been confirmed that ASSA ABLOY, via its HID subsidiary, is preparing to purchase approximately 98.5% of the shares of EVOLIS S.A.

Though any intended purchase remains subject to customary and regulatory conditions, the global access control provider is preparing to welcome the French manufacturer to the ASSA ABLOY Group.

ASSA ABLOY Group targets strategic acquisition

EVOLIS, a Euronext Growth company listed in Paris, produces ID card printers and consumables. 

Established in 1999, the company has over 350 employees.

According to a recent announcement, HID has entered into an agreement with shareholders of Cedys & Co S.A.S. for all of the company’s shares.

Cedys currently owns approximately 84.4% of the Evolis shares and voting rights.

A purchase agreement for the sale by Crédit Mutuel Equity SCR and Crédit Mutuel Innovation of 14.0% of the shares to HID would result in a combined purchase price of approximately €224.9m for 98.5% of the Evolis shares.

If the acquisition is approved and completed, HID will own approximately 98.5% of the share capital and voting rights of the company.

HID would then launch a mandatory public tender offer for the remaining 1.5% shares of Evolis and implement a ‘squeeze-out procedure’ for the outstanding shares of the company.

“Joining forces with a strong industry player”

Assuming that conditions are met and that regulatory approval is granted, the deal is expected to close during the third quarter of 2023.

“I am looking forward to welcoming Evolis into the ASSA ABLOY Group,” commented Nico Delvaux, President and CEO, ASSA ABLOY.

“Evolis would be a good technological addition to the ASSA ABLOY Group and would reinforce our current offering within the secure issuance business

“It would be a pleasure to welcome Evolis to the HID family” added Björn Lidefelt, Executive Vice President and Head of Global Technologies Business Unit, HID Global.

“Joining forces with a strong industry player like Evolis would enable us to better meet our customers’ needs and provides complementary growth opportunities across product, geographical and vertical market presence”.