Canterbury Partners is pleased to have advised Todd Foster, owner of Nova Hardware Pty Ltd (“Novas”), on the divestment of the company to Allegion plc (NSE:ALLE).
Founded in 1996, Novas is an architectural door hardware business specialising in the design and sale of mechanical and electronic locks, door closers and seals, hinges, pulls, levers and master keying solutions in Australian multifamily and commercial markets. The transaction excludes the kitchen and bathroom business of Novas, which will be retained in a separate entity.
Headquartered in Ireland, Allegion is listed on the New York Stock Exchange and specialises in innovative security products and access solutions, operating 30+ brands globally with its products sold in 120 countries. Allegion has an existing presence in the Australian Doorware market and there is strong strategic alignment with respect to plans to grow the Novas brand.
Todd Foster will join Allegion in an advisory capacity to support the continued growth of Novas under Allegion’s ownership, and stated “This is an exciting new chapter for the Novas door hardware business. Allegion shares our values of innovation, customer focus and operational excellence. With Allegion’s resources and global reach, we have an incredible opportunity to scale our business and provide even more meaningful differentiation in our markets.”
