Security

Comelit Physical Security & Building Automation Business 2024 Examined

In this Research Note, we explore Comelit Group SpA, an Italian manufacturer of physical security systems, highlighting its M&A growth in the last 5 years culminating in its entry last month into the building automation market. Founded in 1956, Comelit specializes in the design and manufacture of video entry, video surveillance, anti-intrusion, home automation, access control and fire protection systems. Comelit exports to over 90 countries worldwide and has 16 branches located in strategic areas in which the company operates: from Europe to the Far East, the United States and the Middle East.  Headquartered in Rovetta, Italy, Comelit group has over 1,000 employees, 9 subsidiaries worldwide, and a consolidated 2023 turnover of €180 million. This represents 5.3% growth from €171 million in 2022 and 15.4% growth since 2021. Comelit Acquisitions The acquisition of Ingenium Sa (Spain) follows those of PAC (UK) and Immotec (France) in the access control sector, Teletek Electronics (Bulgaria) in fire protection […]

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In this Research Note, we explore Comelit Group SpA, an Italian manufacturer of physical security systems, highlighting its M&A growth in the last 5 years culminating in its entry last month into the building automation market.

Founded in 1956, Comelit specializes in the design and manufacture of video entry, video surveillance, anti-intrusion, home automation, access control and fire protection systems.

Comelit exports to over 90 countries worldwide and has 16 branches located in strategic areas in which the company operates: from Europe to the Far East, the United States and the Middle East. 

Headquartered in Rovetta, Italy, Comelit group has over 1,000 employees, 9 subsidiaries worldwide, and a consolidated 2023 turnover of €180 million. This represents 5.3% growth from €171 million in 2022 and 15.4% growth since 2021.

Comelit Acquisitions

The acquisition of Ingenium Sa (Spain) follows those of PAC (UK) and Immotec (France) in the access control sector, Teletek Electronics (Bulgaria) in fire protection systems and Blueprint (Italy) in EVAC systems.

Ingenium

On 29th April 2024, Comelit acquired 98% of the share capital of Ingenium Sa, a Spanish company based in Oviedo, Asturias, which designs and manufactures advanced technologies for home and building automation.

Ingenium Sa has developed a wide range of devices in the home automation sector (using the proprietary BUSing® communication protocol, open and royalty-free for use) and in building automation (using the KNX communication protocol, the open world standard for this type of application).

Ingenium’s portfolio offers multiple systems (including wireless) for the automation of large buildings (such as hotels, public facilities, business centers, and companies) and private homes, with control devices for lighting, windows, and air conditioning in all types of installations. The creation of customizable scenarios, consumption management, and alarm control, through monitors, multi-power panels and, remotely, via an app.

Ingenium has 35 employees, a turnover of €3 million in 2023 and a commercial presence mainly in Spain, 60% of its market.

The acquisition enables Comelit Group to enter the building automation market and to strengthen and innovate their offer in home automation.

Comelit Group 2024

PAC-GDX

In November 2021, Comelit Group UK, announced its acquisition of PAC-GDX, an established company in the UK market for IP-based access control, formerly part of Stanley Security. The acquisition was carried out through Comelit’s UK subsidiary, which will incorporate PAC and take the name Comelit-PAC.

This strategic move is Comelit’s largest acquisition which broadens the group’s UK presence and enables the company to offer total integrated solutions, including networked access control systems together with door entry, video surveillance, home automation, intruder alarm, and fire detection systems.

With revenues of over €10 million, PAC-GDX is one of the leading players in the UK, which is considered as one of Europe’s most thriving access control markets. This acquisition follows a successful 2021 in which Comelit UK had already achieved a 30% increase in revenues over 2020, with an absolute value of over €21 million.

In November 2023, at the 2-year acquisition anniversary, Comelit-PAC reported strong growth with headcount increasing from 35 employees to over 100.

Teletek Electronics

Teletek Electronics JSC is the largest Bulgarian manufacturer of a complete range of alarm and fire alarm equipment. In November 2019, Comelit acquired a strategic capital shareholding in Teletek Electronics, aimed at maximizing the synergies between the two companies.

This agreement followed a fruitful period of collaboration that saw Teletek Electronics develop a complete range of fire detection products and equipment for Comelit.

Blueprint

In November 2019, Comelit Group and Blueprint S.r.l., an Italian company based in Medolago, founded in 2003 and specialized in sound diffusion systems and EVAC systems, i.e. EN54 certified sound evacuation systems, signed a partnership agreement.

The strategic investment in Blueprint aimed to maximize synergies between the two companies and is intended to augment Comelit’s position in professional audio and sound evacuation systems.

With a strong presence in the European physical security market, Comelit aims to achieve €300 million revenues by 2030.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.

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