KNOXVILLE, Tenn., July 3, 2024
/PRNewswire/ -- House-Hasson Hardware, America's largest
independent regional hardware distributor, has finalized its
acquisition of former Midwestern U.S. wholesale hardware
distributor Bostwick-Braun Hardware's warehouses and inventory.
The acquisition adds to House-Hasson two warehouses in
Indiana and Arkansas as well as more than 45,000 stock
keeping units (SKU) to its existing 55,000 SKU inventory. The
facility, inventory, and employee expansion will give House-Hasson
a springboard to strengthen its position in multiple states and to
grow its independent hardware store and lumberyard customer base in
states it hasn't previously served.
"Our focus is dealer profitability, and that focus is the reason
for this acquisition," said Steve
Henry, House-Hasson president and CEO. "We're adding the
Arkansas warehouse to our existing
ability to serve customers in Texas, Louisiana, Arkansas, and other Southwestern states. The
Indiana warehouse opens
opportunities for us in Indiana,
Ohio, Pennsylvania, New
York, Michigan, and other
states in the Northeastern region."
"Independent hardware stores and lumberyard dealers have a great
future," Henry said. "The need for them is growing every day. They
provide an unmatched level of local service and responsiveness to
their customers. We're proud to serve them, and now we'll be able
to serve them even better."
A due diligence process has been underway since the acquisition
letter of intent was signed on Tuesday,
March 19, 2024. The deal was finalized on Friday, June 28. Terms of the cash sale are
private between the parties.
"Our corporate policy has long been not to borrow money to
finance acquisitions," Henry said. "Our debt-free status gives us
great latitude and flexibility to act on behalf of our dealers'
best interests."
To this point, House-Hasson has served customers in 23 states
and the Caribbean Basin from its
500,000-square-foot headquarters warehouse in Knoxville, Tenn., and 250,000-square-foot
warehouse in Prichard, W. Va.
Adding to its operations the former Bostwick-Braun warehouses in
West Helena, Ark., and
Ashley, Ind., gives House-Hasson a
total of approximately 1.3 million square feet of warehouse,
receiving, shipping, and administrative space.
Additionally, 75 former Bostwick-Braun employees have
transitioned into the House-Hasson workforce, bringing the total
number to 532 House-Hasson employees serving dealers from the
company's now four locations.
"We're delighted to have these great people join us," Henry
said. "Throughout the due diligence process we've been impressed
with their work and that they understand and want to be part of our
focus on dealer service and profitability."
House-Hasson, founded in 1906, is privately owned. The company's
website is www.househasson.com.
Media Contact:
George Korda
865-567-2163
gkorda@kordacom.com
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SOURCE House-Hasson Hardware