Halma purchases US business

Health and sensor technology suppliers Halma has continued in its acquisition push by purchasing Kirk Key Interlock Company.

Based in Ohio, USA, Kirk Key has been bought out for a total cash consideration of $14.7 million (£9 million). The company sells key interlocks and key interlock systems for the protection of personnel and equipment.

As part of the buy Kirk Key is set to join Buckinghamshire-headquartered Halma’s Safety Interlock business within the industrial safety-reporting sector.

Commenting on the deal Andy Williams, chief executive of Halma, adds: ‘Kirk Key is the company synonymous with switchgear interlocking in the USA.

‘This acquisition gives Halma greater market strength in the US and will also enable us to re-direct resources onto pursuing growth in other regions.’

The deal achieves an exit for Owen Holdings and a group of private investors.

In 2011 Halma has made three acquisitions, with the £46.6 million deal for Medicel AG and £3 million purchase of the Water Technology division of Wagtech International preceding the Kirk Key buy.

The acquisition is to be funded using Halma’s existing cash and debt facilities.

Halma’s acquisition strategy is based on purchasing companies that are profitable and growing in the same business sectors as Halma.

According to a statement from the company, it does not buy turn-around, start-up of pre-revenue businesses. Halma’s buying strategy is aimed towards intellectual assets, technology, application and market knowledge. All businesses acquired by Halma exist as stand alone companies.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital. Connect with...

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