MONTREAL — Richelieu Hardware announced it signed agreements in principle during the third quarter to acquire four unnamed companies.

During the company’s third quarter earnings call, Richard Lord, president and CEO, said two of the acquisitions are in the United States and two are in Canada.

Antoine Auclair, vice president and CFO of Richelieu, said the acquisitions will be finalized “before the end of the fourth quarter or slightly after that.” He added, “And we're talking about adding $40 million to the $60 million that we've already completed at the beginning of the year.”

In the meantime, Richelieu is continuing to integrate the three acquisitions made since the beginning of the financial year. They include Allegheny Plywood (Pennsylvania, Ohio), Rapid Start (Ohio), and Olympic Forest Products (Ontario).  In addition, as part of its distribution network optimization, the Richelieu said it consolidated two of its distribution centers in the New York City area and on the West Coast of Florida during the third quarter.

Richelieu sales increased sales in the third quarter by 1.9% to $467.7 million compared to the same period in 2023. The company experience sales gains to manufacturing customers by 7.5% in the U.S. and 0.5% in Canada. At the same time, sales to retailers and renovation superstores decreased by 16.8%.

"We believe that the housing shortage currently affecting North America will present promising opportunities for Richelieu,” Lord said. “Furthermore, although the renovation market is currently slowing down, we expect it to regain momentum in the coming months, leading to increased demand for our products and services. Sectors such as kitchen cabinets, closets, space planning, and commercial renovations are particularly promising and will continue to be crucial for our future growth. We are well positioned with our North American network of 112 strategically located centers, a business model that is well adapted to the needs of our customers, our offer which is unique due to its great diversity and innovative aspect, and a distinctive value-added service that is effectively complemented by our trilingual website richelieu.com.”