Kendell buys Hardware Distributors

Kendell, which is backed by Keystone Capital, has acquired Greensboro, North Carolina-based Hardware Distributors, a commercial door and door hardware distributor.

Kendell, which is backed by Keystone Capital, has acquired Greensboro, North Carolina-based Hardware Distributors, a commercial door and door hardware distributor. No financial terms were disclosed.

PRESS RELEASE

Keystone Capital (“Keystone”) is pleased to announce that its legacy portfolio company, KENDELL, has completed the acquisition of Hardware Distributors (“HDI”), a commercial door and door hardware distributor based in Greensboro, NC.

HDI has served the North Carolina market since 1948 and has operated under the leadership of CEO Steve Woodard since 1977. In addition to its headquarters in Greensboro, HDI has offices in Raleigh, NC and Hickory, NC. The acquisition of Hardware Distributors is a strategic extension of KENDELL’s core contract and aftermarket distribution business into the growing Carolinas markets.

KENDELL is a leader in the commercial door and door hardware distribution industry based in Minneapolis, MN. HDI represents KENDELL’s fourth add-on acquisition since partnering with Keystone in April 2019. KENDELL continues to actively seek additional add-on acquisition opportunities and parties with knowledge of such opportunities are encouraged to contact Keystone Capital. Areas of interest for additional add-on acquisitions include (i) commercial door and door hardware distribution, (ii) electronic security and access control integration, and (iii) commercial locksmiths/service organizations.

“We are excited to continue supporting the KENDELL management team’s vision,” commented Jason Van Zant, Managing Director at Keystone Capital. “The expansion of KENDELL into North Carolina is a testament to our commitment to building a national leader in the commercial door hardware and related access control services industry.”

About Keystone Capital
Keystone Capital is a private investment firm based in Chicago, Illinois. Formed in 1994, its mission is to invest in and build a portfolio of exceptionally high quality, mid-sized businesses that are leaders in their markets. Keystone is differentiated by its investment of personal capital and investment horizon flexibility which has led to a distinguished track record of successfully entering into true long-term operating partnerships with the professional management teams of its companies. .