C.W. Downer & Co. Assists Dorma Americas with Acquisition of Rutherford Controls Int'l Corp
BOSTON, January 10, 2013 – C.W. Downer & Co., a leading global middle-market investment bank, is pleased to announce that DORMA Americas has acquired family-owned Rutherford Controls Int’l Corp (RCI) of Canada. The deal closed on November 8, 2012 and the financial terms were not disclosed.
Established in 1923, RCI provides innovative electric locking and access control solutions for the Security, Locksmith and Architectural Hardware markets. The company is based in Cambridge, Ontario, with a US subsidiary and sales representatives based across North and South America.
RCI President, Eric Gowland, said in a company statement, “RCI is excited to play a key role in accelerating DORMA’s growth throughout the Americas. Joining forces with DORMA will further enhance both our company’s abilities to dominate our industry as innovative leaders in access control solutions.”
DORMA Americas manufactures premium door hardware and door automation systems. It is a subsidiary of DORMA Holding GmbH & Co. KGaA of Ennepetal, Germany, a company with more than 6,800 international employees. This acquisition will allow DORMA to significantly increase its North American market presence and provide integrated premium access solutions to its customer base. DORMA plans to retain the RCI brand to capitalize on RCI’s market-leading positions and established connections within the security and locksmith distribution channels.
“This acquisition is a direct result of our classic buyside search program and follows DORMA’s June 2012 acquisition of Florida Door,” said Wade Aust, Managing Director and Partner with C.W. Downer & Co. “DORMA continues to see a substantial market opportunity throughout the western hemisphere and we will continue to work to uncover ideal targets that fit our client’s expansion strategy.”
“Consistent with DORMA’s approach to acquisitions, RCI’s workforce will remain in place and the RCI management team will continue to be charged with leading the business,” said C.W. Downer & Co. Director, Chris Donegan. “These conditions were two important factors in the RCI shareholders’ decision to sell their business to DORMA,” he concluded.
The C.W. Downer & Co. team assisting DORMA with the acquisition included Mr. Aust (Managing Director & Partner, Boston), Ulrich Müller (Managing Director, Frankfurt), Mr. Donegan (Director, Boston), David Waldstein (Associate, Boston) and Chris DiPietro (Analyst, Boston).
C.W. Downer & Co. is an independent, global investment bank offering middle-market clients a high level of personal attention coupled with 38 years of international execution experience. We provide insight, not just information. We generate value, not just transactions. With nine fully integrated offices on four continents, we consistently identify the most appropriate strategic buyer and uncover “hidden” acquisition targets. C.W. Downer & Co. delivers the reach of a bulge-bracket investment bank with the senior level focus of a boutique. For more information, visit http://www.cwdowner.com.
For Further Information:
Wade Aust, Managing Director & Partner
Ulrich Müller, Managing Director
Patti Allan, Marketing Director
C.W. Downer & Co.
+1 617 482 6200