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.
Arran Isle’s Mila and Carlisle Brass businesses are highly complementary to ASSA ABLOY’S existing operations and 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 & 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’s 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.