Lock Focus Divestment
Role of CDI Office
CDI was engaged for the following activities;
- Develop the divestment criteria
- Develop long list of potential targets
- Contact the potential targets
- Conduct initial negotiations.
- Receive Non Binding Offers
- Negotiate with client Non Binding Offer
- Finalize the Non Binding Offer
- Develop and manage the due diligence and face to face meetings
Participating CDI Office
Description of Client
Lock Focus designs and manufactures a range of locking solutions for original equipment manufacturers (OEM) operating in a number of market segments. Lock Focus locking products are used in a wide range of industries and are often designed for specific applications. The principal markets include commercial and domestic windows, metal and wooden furniture, garage and security doors, caravan and recreational vehicles and electrical cabinets.
New product development is an essential part of the business strategy, enabling growth through new products across a number of market segments. A key competitive advantage is its design team developing new and innovative locking solutions for customers that have special applications that a standard product will not satisfy. Development of new products is principally conducted in-house and are targeted to meet specific customer requirements across a wide range of industries. This enables Lock Focus to develop deep relationships with OEM.
Description of the Acquirer
Safecorp Group is Australian owned and operated, employing over 700 personnel in a diversity of industries. The company has enjoyed over 30 years of steady profit growth and now ranks in the top 500 Private Companies in Australia.
The Lock Focus acquisition will be integrated with the Australian Lock Company: The company manufactures locks, dual edged keys, high security master keys, intelligent electronic access control locking systems. In 2012, opened ALCO NZ Ltd for its operation expansion into New Zealand.