MONTREAL - Richelieu Hardware has closed on the acquisition of U.S. hardware distributor Eveready Hardware, located in Long Island, New York.
Eveready Hardware, established in 1934, imports and distributes cabinet, closet, kitchen, architectural, bath, woodworking and storefront hardware. Eveready says it stocks over 14,000 products and supplies including decorative, functional and architectural hardware, shop supplies, machinery and lines of closet hardware from leading suppliers and manufacturers.
This acquisition by Richelieu is its twentieth buyout of an American company, including the Houston-based Cornerstone Hardware & Supplies, acquired in December 2015. The two acquisitions will add $10 million to its sales, according to Richelieu.
“Richelieu started 2016 with results reflecting the success of our innovation, market development and acquisition strategies," said Richard Lord, president and CEO of Richelieu. "The first quarter was highlighted by strong sales growth thanks to the contribution of all our market segments in Canada and the U.S."
In the first quarter of 2016 Richelieu's sales in Canada grew totaled $120.4 million for the first quarter of 2016, reflecting internal growth of 11.8 percent. Of that, sales to manufacturers amounted to $94.6 million. U.S. sales rose to US $49.3 million, an increase of 15 percent over the first quarter of 2015. Sales to manufacturers grew to US$ 46.3 million, an increase of 16.3 percent.
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