HID Global to Acquire Evolis

ASSA ABLOY intends, through its subsidiary HID Global SAS, to purchase approximately 98.5% of the shares of Evolis, a Euronext Growth company listed in Paris and a leading French manufacturer of ID card printers and consumables.

HID has entered into a put option agreement with the shareholders of Cedys & Co for all its shares (approximately 84.4 % of the Evolis shares and voting rights). It has also entered into a share purchase agreement for the sale by Crédit Mutuel Equity SCR and Crédit Mutuel Innovation of 14% of the shares. This would result in a combined purchase price for the two transactions of €224.9 million for 98.5 % of Evolis shares – equivalent to a purchase price of €43.75 per Evolis share..

After the closing of the Offer, HID intends to implement a squeeze-out procedure for the remaining outstanding shares of the company, in accordance with the provisions of the General Rules (Règlement Général) of the French stock market regulator.

Founded in 1999 and headquartered in Angers, France, Evolis develops, manufactures, and sells printers and software for personalisation of physical identity credentials. The company has approximately 380 employees and owns a large manufacturing operation, including a fully-owned 110,000 sq ft facility in Angers.

Thanks to a well-established distribution network, Evolis has forged a solid position in the worldwide market for instant issuance of physical credentials in all market segments, including ID cards, driving licences, payment cards, access control badges, and other personalised credentials.

Card printers and consumables constitute the bulk of Evolis’ revenue, while complementary software like cardPresso, Badge Studio, and Edikio provide additional value to its customers. Evolis also offers printers made specifically for kiosk compatibility, which will help expand HID’s presence in several verticals.

The intent is for Evolis to become part of HID’s Secure Issuance Business Area, led by Craig Sandness, SVP and Head of Secure Issuance at HID with Evolis operating as its own business unit within the Secure Issuance division. Evolis would also benefit from HID’s sales and other global functions to support its offering.

‘Incorporating Evolis into HID’s Secure Issuance business would reassert our expansion and commitment to leading the desktop printer space,’ said Craig Sandness. ‘Thanks to Evolis’ strong knowledge of the market, as well as its highly complementary product offering, we look forward to enhancing our offerings to meet a growing population of customers across industries and locations.’ 

‘Since 1999, our ambition has been to be and continue to be the global leader in decentralized printing of personalised cards,’ said Emmanuel Picot, co-founder and President, Evolis. Together, we look forward to creating even more value for our customers, combining our expertise and know-how to create new development opportunities. This would be a big step forward for Evolis and we are very excited at the prospect of joining HID with the ambition of being stronger together.’ 

The acquisition is conditional upon customary closing conditions and regulatory approval and is expected to close during the third quarter of 2023.