Alban Giacomo Spa - AGB - based in Romano d'Ezzelino (VI), an Italian leader in the sector of locking systems for doors, windows and shutters, has signed a binding agreement to purchase the entire share capital of Bonaiti Serrature, based in Calolziocorte (LC), which is active in the design, production and sale of locking systems for interior and exterior doors.
The acquisition enables AGB to consolidate its presence domestically and strengthen it in Europe, an area in which Bonaiti Serrature has a significant presence.
AGB will also have a complementary range of magnetic locks and other innovative solutions of particular interest to the world of furniture. The integration of the Bonaiti range into its product portfolio and the resulting synergies will strengthen AGB's leadership in the industry.
AGB President Giacomo Alban said, "We are very pleased with the conclusion of this transaction. The acquisition of a family-owned and historic company like Bonaiti Serrature, which has been designing and manufacturing a wide range of door locking systems since 1936, fits perfectly with the philosophy of our family-controlled company and the strategic plan we are implementing. It allows us to increase our presence in certain segments of the Italian market and in foreign markets where Bonaiti has a significant and established market share.
Maurizio Crippa, President of Bonaiti Serrature, added, "the sale of the company to such an important and solid reality as AGB is a reason for great satisfaction: in fact, it represents a unique opportunity for Bonaiti Serrature to grow further, becoming part of an industrial reality of excellence, equally historical, characterized by very high standards of technological and organizational innovation. These aspects express and reinforce AGB's willingness and ability to continue to support the development and growth plan, initiated a few years ago by Bonaiti Serrature, through the enhancement of its ideas and products and with the retention of the people currently employed."
Bonaiti Serrature ended fiscal year 2020 with more than 9 million euros in sales, up slightly despite the pandemic, with Ebitda at 1.4 million euros, the net financial position is positive. The current workforce is 60 employees.
The transaction was finalised in mid-April 2021, with AGB simultaneously taking over the strategic direction and business management of Bonaiti Serrature.