10 Jul 2017
Dormakaba Group, a provider of secure access systems for buildings and interiors, has divested its subsidiary Dorma Beschlagtechnik GmbH (“DBT”), a manufacturer of premium door fittings, to Flacks Group, a private investment group based in Miami, USA.
DBT played a key role in broadening the product range of the Dorma group. Following the merger between Dorma and Kaba, DBT become a non-core business for Dormakaba.
Flacks Group intends to implement an international expansion strategy for DBT, which will reassume its previous brand OGRO. It will retain the production location in Velbert, Germany, as well as all employees. DBT has just under 100 employees and achieved revenues of approximately EUR 12 million in 2016/17.
Dieter Sichelschmidt, COO of the business segment Access Solution DACH (Germany, Austria, Switzerland) stated: “The selection of the best purchaser of DBT was governed by two main conditions: first and foremost that all employees should continue with the company, and secondly, that the purchaser should drive a strategy that safeguards the business in Velbert in the future. We are happy to have found such a buyer in Flacks Group, who has proven to maintain these values in past investments, and already mapped out plans to make DBT sustainable in the long term.”
Clairfield International in Germany acted as exclusive financial advisor to Dormakaba.