Dormakaba acquires Advanced Diagnostics
Kaba Group has acquired Advanced Diagnostics Ltd. of Nuneaton (UK) and its related company Advanced Diagnostics USA Inc., based in Las Vegas, USA. BCMS advised the shareholders of Advanced Diagnostics throughout the transaction, which completed in 2014.
With international reach, Advanced Diagnostics is a market leading developer of programming equipment for the Automotive and Marine aftermarkets. The companies specialise in developing programming equipment for the automotive industry, which is used to program transponder-based replacement keys.
“Our confidence in the experts at BCMS grew throughout the process” – Shaun Garrett, Advanced Diagnostics
Kaba (now known as Dormakaba Holding AG), is a global security group based in Rümlang, Switzerland. It employs around 16,000 people in over 50 countries.
Advanced Diagnostic’s UK HQ will become the centre of competence for automotive key replacement equipment within Kaba Key Systems, under the management of its current Managing Director Shaun Garrett.
In common with many growing, dynamic businesses, the shareholders of Advanced Diagnostics had been approached by an acquirer prior to engaging an M&A advisor. As Shaun Garrett explains: “Our first response was to decline. But when several approaches were made by the same interested company, we began to consider what it would take for us to agree to a sale.
“One of the most difficult conversations I had during the whole process was telling the initial acquirer that we’d engaged an advisor, and we’d therefore be open to negotiations with other potential buyers. Our confidence in the experts at BCMS grew throughout the process, and we were able to have candid and open discussions with them. So, it didn’t really feel like a mountain to overcome alone.”