Sale of Arran Isle Group to ASSA ABLOY
Arran Isle today signed a definitive agreement to sell the Group to ASSA ABLOY Limited.
The transaction is subject to regulatory approval in the UK and Ireland, and customary closing conditions. The deal is expected to complete around the turn of the year.
Arran Isle’s Mila and Carlisle Brass businesses are highly complementary to ASSA ABLOY’S existing operations and will enable them to offer a wider range of door and window hardware to manufacturers and other customers. Carlisle Brass and Mila will continue to trade from existing locations, with no changes in the foreseeable future to management teams or operational activities. Mila’s Maintenance business unit, based in Barnsley will become part of ASSA ABLOY’S commercial construction and maintenance sector.
Arran Isle’s US Operations were successfully divested in late 2018 to Patrick Industries, Inc., and the sale of its European businesses completes a journey for Arran Isle’s shareholders that started in June 2013 with an MBO of the Group.
Arran Isle’s Group Board unanimously agreed that ASSA ABLOY is the natural new home for Mila & Carlisle Brass businesses, where they will benefit from the expertise, size and scale that can support their future development.