Kendell Doors & Hardware, a portfolio company of Keystone Capital, has acquired Newport Distribution, a Chicago-based supplier of doors and door hardware.
The buy of Newport expands Kendell’s reach into the Chicago market and complements its locations in Minnesota, Iowa, and Wisconsin.
Newport is the second add-on acquisition completed by Kendall since Keystone acquired the company in June 2019. The earlier buy was Tacoma-based Washington Architectural Hardware in April 2019.
Kendell is a distributor of door openings, door hardware and access control products used in institutional and commercial applications. The company also provides value-added services including design, specification, engineering, installation, and inspection. Kendall, led by CEO John Katter, was founded in 1981 and is headquartered near Minneapolis in Mendota Heights, Minnesota.
Keystone and Kendell are seeking additional add-on acquisitions of commercial door and door hardware distributors; electronic security and access control integration provides; and commercial locksmiths.
“We are excited to complete our second add-on to Kendall and to support the management team’s vision to build a market leader in the commercial door hardware and related access control services industry,” said Jason Van Zant, a managing director at Keystone.
Keystone invests in middle-market companies with EBITDAs of $2 million to $15 million. Sectors of interest include professional services and consulting, business services, industrial technology and manufacturing, food and beverage, and consumer products. The firm was founded in 1994 and is based in Chicago.
Private Equity Professional | August 13, 2020