Acquisition Expands Colony’s Distribution Footprint within Michigan
ORANGE, Conn.–(BUSINESS WIRE)–Colony Hardware, Inc. (“Colony” or the “Company”), a leading direct-to-jobsite distributor of construction materials and jobsite supplies has announced the acquisition of B&L Bolt, Inc. and Slip-On Lock Nut, LLC (“B&L”), a Michigan-based value-added distributor of strut, fasteners, power tools, and other supplies to construction and industrial customers. The acquisition represents Colony’s 11th acquisition since partnering with Audax Private Equity in November of 2018.
With locations in Grand Rapids and Kalamazoo, Michigan, B&L Bolt was founded in 1986 and primarily services electrical and mechanical contractors and manufacturers, with an emphasis on cleanroom facilities.
“B&L Bolt and Slip-On Lock Nut are leaders in the Michigan market and beyond. Their dedicated associates bring a reputation for providing quality customer service,” said Tim Rash, CEO of Colony. “Bringing B&L Bolt into the Colony family further reinforces our standing as the partner of choice for distribution business owners who desire to grow their legacy and help their valued employees prosper.”
“We are excited to join forces with Colony Hardware,” added Dave Vander Ploeg, CEO of B&L. “The combination of companies is a wonderful fit for our people and our company cultures dovetail nicely. We are well positioned to serve customers and expand our offering.”
“Strategically, this deal helps to further position Colony Hardware as the direct-to-jobsite supplier of choice for contractors, and represents a compelling fit from a service perspective,’’ said Young Lee, Managing Director of Audax Private Equity. “We are excited to continue investing behind the Colony platform to support the company’s growth through both strategic acquisitions and organic initiatives.”
About Colony Hardware
Colony Hardware is a leading direct-to-jobsite distributor of construction materials and jobsite supplies serving construction firms and specialty contractors across a variety of end markets. Colony provides a comprehensive portfolio of products including power tools, safety, personal protective equipment, fasteners and more from industry leading brands and suppliers. The company is headquartered in Orange, CT and has 48 branches across the Northeast, Midwest, Mid-Atlantic, Mid-South, and Florida. For more information, visit https://www.colonyhardware.com/.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, San Francisco and London. Since its founding in 1999, the firm has raised over $32 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1,100 add-on companies, and is currently investing in add-ons out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 360 employees and over 150 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website at www.audaxprivateequity.com or follow us on LinkedIn.
Contacts
Kevin Lamoureux
Director, Marketing
Colony Hardware
Email: klamoureux@colonyhardware.com
