Arran Isle Group, which has owned Mila since 2009, has sold 100% of its share capital to Assa Abloy.
In a statement, Arran Isle said: ‘Arran Isle has 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 in early 2022.’
Describing its Mila and Carlisle Brass businesses as ‘highly complementary to Assa Abloy’s existing operations’ Arran Isle says the sale ‘will enable them to offer a wider range of distinctive, high-value adding door and window hardware to manufacturers, as well as to the growing remedial and home improvement sector.’
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 reports that its 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’.