Midwest Wholesale Hardware, a portfolio company of High Road Capital Partners since February 2017, has acquired Akron Hardware Consultants.
Akron Hardware is a wholesale distributor of commercial and institutional door hardware ranging from traditional mechanical door hardware to electronic access control security products. The company also services the residential door hardware market through its subsidiary Hardware Suppliers (www.hardwaresuppliers.com) and the online locksmith supply market through its Preferred Lock Supply division (www.preferredlock.com). Akron Hardware was founded in 1960 and is headquartered in Akron and has distribution centers in Arizona, Texas, Tennessee and Pennsylvania, and a sales office in North Carolina (www.akronhardware.com).
Midwest Wholesale Hardware is a value-added wholesale distributor of commercial and institutional door hardware, electronic access control and security products. The company’s inventory includes all major brands and hard-to-find components for maintenance and repair applications within the commercial and institutional door hardware market. Midwest Wholesale Hardware was founded in 1987 and is based in Kansas City with additional distribution centers in California, Florida, Pennsylvania, South Carolina and Texas (www.midwestwholesale.com).
“We are excited about the opportunity to partner with Akron Hardware and to bring together Akron and Midwest, two longtime leaders in the wholesale distribution of commercial door hardware,” said Ben Schnakenberg, a Partner at High Road. “Akron Hardware’s extensive inventory, broad distribution network, deep product knowledge, and industry-leading customer service make them a compelling addition for High Road and Midwest.”
High Road’s acquisition of Akron Hardware closed on October 6, 2017. Mr. Schnakenberg led the transaction for High Road and was assisted by Scott Rubino, Principal; Nick Martino, Operating Partner; and Tom Cassidy, Associate.
High Road invests in manufacturing, service, or value-added distribution businesses with revenues of $10 million to $100 million and EBITDAs of $3 million to $10 million. High Road has completed 44 transactions – 17 platform investments, 21 add-on acquisitions and six exits – since its founding in 2007. The firm is based in New York (www.highroadcap.com).
“We look forward to working with Akron COO Tom Orihel and with the teams at both Akron and Midwest to create the industry’s preferred wholesale partner and accelerate growth into additional market segments,” added Mr. Schnakenberg.
Monroe Capital provided financing for the transaction and Concord Capital advised Akron Hardware.
© 2017 Private Equity Professional | October 20, 2017
