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 […]