Audax Private Equity has acquired a controlling stake in Orange, Connecticut-based Colony Hardware Corporation, a distributor of tools, safety products, and other contractor supplies. No financial terms were disclosed. Colony’s previous backer Tailwind Capital will retain a minority stake in the company. BB&T Capital Markets was financial adviser to Colony and Tailwind.
BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) today announced it has acquired a controlling interest in Colony Hardware Corporation, (“Colony” or “the Company”), a leading distributor of tools, safety products, and other contractor supplies headquartered in Orange, CT. Tailwind Capital, the Company’s previous sponsor, will retain a minority stake, as will the Company’s management team.
Michael Weiner, President and CEO of Colony Hardware Corporation, said, “We are excited to be partnering with Audax for the next stage of our growth. We have always put our customers first, and Audax is committed to investing behind our value proposition and our ability to serve the customer. Audax also brings expertise and resources that will help us continue to build our position in the market through strategic acquisitions and growth initiatives.”
Thus far in 2018, Colony has achieved record sales growth and expanded its presence in Florida and the Midwest through five strategic acquisitions.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said, “Colony is a leader in the consumable construction tools, safety equipment, and jobsite supply market. We believe the company is poised for growth as it continues to expand its presence throughout the United States. We look forward to supporting Michael, Mark, and the entire Colony team to continue growing the business organically and through acquisitions.”
Terms of the transaction were not disclosed. BB&T Capital Markets acted as exclusive financial advisor and Davis Polk & Wardwell LLP served as legal counsel to Colony Hardware and Tailwind Capital. Ropes & Gray LLP served as counsel to Audax.
Colony Hardware is a leading route-based specialty distributor of equipment, jobsite safety products, and consumable constructions tools / supplies to contractors serving the commercial, mixed-use, institutional, industrial, and public infrastructure markets. Contractors rely on Colony for fast delivery of products directly to the jobsite. Colony serves over 18,000 customers through its 29 branches in Connecticut, New York, Massachusetts, Rhode Island, New Jersey, Pennsylvania, Maryland, Illinois, Michigan, Ohio, and Florida. To learn more, please visit www.colonyhardware.com.
About Audax Private Equity
Audax Private Equity has been focused on building leading middle market companies since its founding in 1999. Audax has invested $5 billion in 118 platform and 715 add-on companies. 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. Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has $18 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website www.audaxgroup.com.