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Aasset acquired

TKH has reached agreement on the acquisition of all the shares in Aasset Security International (Aasset), based in Paris (France), with its subsidiaries Aasset France and Aasset Germany, and branches in Italy and UK. Aasset is a CCTV distributor and offers added-value services such as designing of architectures, development of specialized software and sourcing of equipment.  In France and Germany Aasset has a top three position in CCTV distribution.

Alexander van der Lof, CEO TKH, says: “This acquisition accelerates TKH’s strategic growth strategy in the security segment. Aasset has a strong market position in France and Germany. Aasset’s brand portfolio includes the brand name GRUNDIG in the German market and TKH will further position this brand within Europe. In addition, Aasset’s access to the total TKH portfolio creates interesting growth potential for both Aasset and TKH.”

Yoram Assous, CEO Aasset: “The techniques and knowledge of the security systems of TKH are of strategic importance for Aasset. As a member of TKH, we will be able to provide complete security solutions to our customers. Besides, TKH can take advantage of our strong network of relationships, which we built since our establishment almost 30 years ago.’

The activities of Aasset will be integrated in the sub-segment security systems, which is part of TKH’s Building Solutions. Aasset has 88 employees (FTE) and an annual turnover of 35 million euros.

This acquisition is in line with TKH’s objective to increase the turnover generated by the security solutions to 20 per cent of the total turnover. TKH finances the transaction from existing resources and expects that the acquisition will have a positive effect on TKH’s earnings per share as from the second quarter 2012.


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