Proper value of company still to be determined
San Francisco, CA -- (SBWIRE) -- 09/13/2012 -- API Locksmiths is a supplier of smith services, safes, locks and alarms through its national network, and has revenues of over $25 million a year. The company has been sold to assembling fixtures and fittings cluster GWA for $13.1 million.
Secretary of GWA - Adrian McKenzie, told SmartCompany the deal provided additional "financial strength" for API Locksmiths. However, the business has been combating significant levels of debt. GWA entered into an association agreement yesterday to take over API Locksmiths from its parent company. The dealings, funded from existing reserves, are anticipated to be completed by the start of the next calendar year.
McKenzie further claims that the parent company declared in early March that it had been trying to understand the value of its company which led it to enter into an earlier arrangement that was terminated in early July. However, the other company indicated that it was still interested in moving ahead with API Locksmiths so the sale has now completed.
McKenzie was unable to mention what proportion debt API Locksmiths possesses and says he's still waiting on figures from lenders to clarify the business' position. Further declaring that the locksmith sector is "reasonably strong". Nevertheless, API Locksmiths has struggled due to the quantity of debt it holds.
"It has been a tough time; we've had money problems with our record. We've been strapped for funds therefore this provides US extra money to expand and grow the business," he says.
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