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Family-owned Melbourne business Access Hardware expects to become Australia's largest commercial locksmith provider with the acquisition of API Access & Security for an undisclosed sum.
Founded in 1975 in North Melbourne by Maurice and Penny Lowndes, Access Hardware grew to become one of the country’s leading suppliers of architectural door hardware, commercial locksmithing, and integrated security solutions, with a team of more than 250 staff nationwide.
API Access & Security was founded at a similar time and also has a nationwide presence with its headquarters in South Melbourne. In 2012 the company was acquired by GWA Group (ASX: GWA), which then sold it to NASDAQ-listed, Irish-domiciled Allegion (NYSE: ALLE) in 2018 alongside Gainsborough hardware and Austral locks.
Allegion's planned sale of the business comes after already making a couple of further Victorian acquisitions this year, first announcing the purchase of privately held door hardware company Lemaar in February, which was followed by Nova Hardware in June.
Access Hardware anticipates the acquisition, due for completion this quarter, will bring together two highly respected teams with shared values, a strong customer-first approach, and deep technical expertise.
"This is a natural alignment of two trusted businesses," says Access Hardware managing director Spencer Lowndes, son of the co-founders who has led the business since 2007.
"API Access & Security has built a strong reputation in the industry, and by combining their expertise with our national infrastructure and scale, we will be well positioned to deliver even more value to customers across Australia."
The acquisition is expected to strengthen Access Hardware’s service footprint, increase technician coverage, and enhance product availability and technical support for customers.
The group emphasises that day-to-day operations will continue as normal for customers, with existing contacts and service arrangements maintained.
It claims that over time, and after the acquisition closes, customers will benefit from Access Hardware’s national resources, broader product range, and access to new technologies and support services.
"Customers will still be working with the same trusted team," Lowndes adds. "But with the added backing of a larger national network, advanced systems, and broader capability."
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