12/3/2014 2:25:00 AM
NEWS BRIEFS
Home Depot Buys Back HD Supply’s Fastener Biz
The Home Depot agreed to acquire HD Supply’s Hardware Solutions unit for an undisclosed sum. The deal is expected to close by the end of 2014.
Formerly known as Crown Bolt, Hardware Solutions supplies fasteners and builders hardware to U.S. retailers.
Home Depot is Hardware Solutions’ largest customer and accounts for approximately 98% of its annual sales. Hardware Solutions was Home Depot’s 2013 Hardware Vendor of the Year.
“Our companies have had a long-standing relationship,” said Home Depot CEO Craig Menear. “By formally bringing the business into The Home Depot family, we expect to further enhance our supply chain capabilities and hardware product offerings.”
Home Depot is the world’s largest home improvement specialty retailer, with 2,269 retail stores in the U.S. Puerto Rico, U.S. Virgin Islands, Guam, Canada and Mexico. In 2013, the company had sales of $78.8 billion, earnings of $5.4 billion, and more than 300,000 employees.
HD Supply was owned by Home Depot until 2007, when it was sold to three equity owners for $8.5 billion. The deal included three fastener companies Home Depot acquired in 2005 and 2006: Crown Bolt, Brampton Fastener (Brafasco) and Western Fasteners.
In 2006, fastener acquisition specialist Richard Hagan of NY-based Pinnacle Capital Corp. rated Home Depot’s initial entry into the fastener industry in his Top Ten Fastener Acquisitions of 2005.
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