Keystone-backed Kendell acquires Craftmaster

Kendell, a portfolio company of Keystone Capital Management, has acquired Northvale, New Jersey-based Craftmaster Hardware, an aftermarket door hardware distributor. The sellers were Capital Resource Partners and Northcreek Mezzanine. No financial terms were disclosed.

PRESS RELEASE

Keystone Capital Management, L.P. (“Keystone”) is pleased to announce that its legacy portfolio company, KENDELL, has completed the acquisition of Craftmaster Hardware (“Craftmaster”), an aftermarket door hardware distributor based in Northvale, NJ, from Capital Resource Partners and Northcreek Mezzanine. Terms of the transaction were not disclosed.

Craftmaster has served the Upper Northeast since 1951 and has operated under the leadership of CEO Tim Grogan since 2015, who will continue on with KENDELL as a strategic leader within KENDELL’s aftermarket division. The acquisition of Craftmaster significantly expands KENDELL’s aftermarket revenue mix and complements KENDELL’s leadership position within the contract distribution segment. Additionally, the acquisition of Craftmaster establishes KENDELL’s presence in the New England market.

“This acquisition meaningfully furthers our efforts to build KENDELL into a national provider of full-lifecycle opening solutions to its client base,” commented Jason Van Zant, Managing Director at Keystone. “We are delighted to have the Craftmaster team join our growing organization.”

KENDELL is a leader in the commercial door and door hardware distribution industry based in Minneapolis, MN. Craftmaster represents KENDELL’s fifth 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. 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.

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 long-term operating partnerships with the professional management teams of its companies