BOULDER — Minute Key Holdings Inc., the Boulder-based maker of self-service key-duplicating kiosks, soon will have a new owner.
The Hillman Group Inc., a Cincinnati-based company that provides hardware solutions to retailers, has entered into a definitive agreement to acquire minuteKey. Terms of the transaction were not disclosed.
The transaction will join together Hillman’s full-service key-cutting platform with minuteKEY’s self-service key-cutting kiosks, building on both companies’ technologies. The unified key-cutting platform will be backed by KeyHero, Hillman’s digital key backup and retrieval technology platform.
“As part of Hillman we will be able to collectively enhance the service level we bring to our retail partners and customers and the speed at which we deploy new technologies for their benefit,” minuteKey president and CEO Randy Fagundo said in a prepared statement.
Hillman president and CEO Greg Gluchowski said the combination brings advantages to both companies.
“Hillman’s key duplication and origination business is primarily driven by the hardware desk at home improvement retailers across North America,” Gluchowski said. “By combining that retail presence with minuteKEY’s network of self-service kiosks, we will be able to offer consumers a simple, consistent, technology-enabled solution regardless of how, when, and where they want to have their key made.”
The transaction is subject to regulatory approvals.
Hillman was founded in 1964 and provides hardware solutions to more than 26,000 customers.
minuteKey in January announced that it had raised $83 million in partnership with Comvest Partners, with the funds to be used to support minuteKey’s growth. In April, the company announced that it had received a patent for its key-duplicating kiosk.