hardware distribution

Dunes Point Buys Unified Door

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Dunes Point Capital has acquired Unified Door and Hardware Group. The investment in Unified was made through the firm’s second fund.

Unified is a distributor of doors and hardware to the commercial, multi-family, healthcare, hospitality, government, education, public, and industrial end market sectors.

The company has 15 locations in 10 states and employs approximately 500 people. Unified is headquartered near Philadelphia in Pennsauken, NJ (www.udhgroup.com).

Dunes Point Capital is a family office and private investment firm that makes control investments in companies operating in the general industrial and energy sectors that have enterprise values of up to $500 million. The firm was founded in 2013 by Timothy White, a former senior managing director of GSO Capital Partners and Blackstone. Dunes Point is based in Rye, NY (www.dunespointcapital.com).

Debt to support the buy of Unified was provided by GSO Capital Partners and M&T Bank.

Mufson Howe Hunter & Co. was the financial advisor to Unified.

© 2019 Private Equity Professional | July 1, 2019

High Road Adds to Hardware Platform

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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

Tailwind Buys AEA’s Colony Hardware

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Colony Hardware, a portfolio company of AEA Investors since July 2007, has been acquired by Tailwind Capital.

Colony Hardware is a route-based distributor of tools, equipment, fasteners, supplies, safety products, as well as a provider of rental and repair services, to commercial construction and industrial accounts located in the Northeast, Midwest, and Mid-Atlantic regions. The company has over 25,000 SKUs from more than 750 different manufacturers.  Colony focuses on small-ticket, just-in-time orders delivered directly to the jobsite. Customers include general contractors, civil contractors, and other subcontractors across multiple building trades. The company is headquartered near New Haven in Orange, CT (www.colonyhardware.com).

Tailwind makes investments of $25 million to $100 million in lower middle market companies with enterprise values of up to $300 million that are active in the healthcare, business and communications services sectors. Since its founding in 2003, Tailwind has invested over $1.2 billion in 31 portfolio companies and has completed over 70 add-on acquisitions.  The firm has 31 investment professionals and senior operating executives and is based in New York (www.tailwind.com).

AEA, the seller of Colony, makes equity and debt investments in middle market companies that operate in the following sectors: retail and consumer products, services, specialty chemicals, and value-added industrial products. The firm manages approximately $9 billion of invested and committed capital. AEA was founded in 1968 and is headquartered in New York (www.aeainvestors.com).

BB&T Capital Markets – through its Commercial & Industrial Group – was the exclusive financial advisor to Colony on this transaction.  The firm services eleven industry verticals including aerospace, defense & government services; automotive aftermarket; commercial & industrial; financial services; food & agribusiness; logistics & transportation services; healthcare; education; energy; real estate; and retail & consumer. BB&T – the parent of BB&T Capital Markets – is one of the largest financial services holding companies in the US with $210 billion in assets. BB&T is headquartered in Winston-Salem, NC (www.bbtcapitalmarkets.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 10-29-15