Tyman PLC, parent company of door and window component maker AmesburyTruth, has entered into a definitive agreement to acquire the 90-year-old Bilco Company for $71 million USD.
The acquisition “will enable AmesburyTruth to broaden its commercial product portfolio and further penetrate the commercial market segment,” according to a company release.
Bilco supplies specialty access products for both residential and commercial markets. The agreement will be effective July 1, at which time Bilco will be a wholly owned subsidiary of AmesburyTruth.
Bilco will continue to manufacture commercial and residential access products from its existing facilities. The company has a presence in the U.S., Canada and the U.K.
“Bilco has excellent brand recognition enabling growth for other AmesburyTruth products,” says AmesburyTruth president and CEO Jeff Graby, adding the acquisition was made so the company can be a total solutions package. The move will especially help the company expand in the Northeast, where Bilco is especially strong, according to Kevin Anez, marketing director.
Tom Crowley, the president of Bilco, says the move will “evolve our product portfolio” and “streamline our business processes while delivering enhanced value to our customers.”
“We were pleased to find a buyer whose values aligned well with the Bilco brand that our grandfather George Lyons worked so hard to build,” says Robert Lyons Jr., chairman and CEO.