Fortune Brands to acquire Emtek, Schaub, Yale, August residential hardware from ASSA ABLOY for $800M

Fortune Brands Innovations, Inc.

Purchase price $800M cash ($700M net of $100M tax benefits); funded via cash on hand or credit facilities.
Acquired businesses had ~$350M revenue in 2021; net purchase price ~7.8x estimated 2022 adjusted EBITDA.
Adds scale in security and connected smart home (Yale, August) and entry into premium hardware (Emtek, Schaub).
Transaction conditioned on ASSA ABLOY closing Spectrum Brands hardware acquisition; expected Q2 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Fortune Brands Innovations, Inc. entered into Purchase Agreement with ASSA ABLOY Inc., ASSA ABLOY AB, and the Company valued at $800 million (effective 2022-12-01).

Action: entry
Agreement: asset purchase
Counterparty: ASSA ABLOY Inc., ASSA ABLOY AB, and the Company
Value: $800 million
Effective: 2022-12-01

Exact text from the filing

On December 1, 2022, Fortune Brands Home & Security, Inc. (the “Company”, “we” or “our”) entered into a Stock Purchase Agreement (the “Purchase Agreement” and, the transactions contemplated thereby, the “Transaction”), by and among ASSA ABLOY Inc. (“Assa”), ASSA ABLOY AB, the parent of Assa, solely for purposes of Section 13.20 thereunder (“Assa Parent”), and the Company.

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Fortune Brands Innovations, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-297591

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