Littlejohn & Co. To Acquire Handy Hardware Acquisition of Wholesale Hardware Distributor Approved By Delaware Court Paves Way for Completion of Transaction
GREENWICH, Conn., July 26, 2013 /PRNewswire/ -- Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, announced today that it is leading the acquisition and recapitalization of Handy Hardware, a leading wholesale hardware distributor to independent hardware retailers. The transaction was approved by the United States Bankruptcy Court for the District of Delaware as part of a Chapter 11 plan for Handy Hardware, and subject to satisfaction of certain conditions precedent in the plan and the acquisition documents, the transaction is expected to close during the week of August 5, 2013.
Based in Houston and founded nearly 60 years ago, Handy Hardware provides a broad offering of nearly 50,000 items. These name brand products are distributed to over 1,000 customers in such categories as plumbing, electrical, general hardware, paint, hand and power tools, lawn and garden care, automotive, and office supplies. The company distributes its products to retail hardware stores in nine states located primarily in the southern U.S.
Doug Miller, former President of Jensen Distribution who has over 45 years of hardware distribution experience, will serve as Interim Chief Executive Officer of Handy Hardware. Mr. Miller, said, "This is an important milestone for the future growth of Handy Hardware and I am pleased to lead this organization, which has enjoyed outstanding support and loyalty from its members and industry partners. With the additional financial and operating resources of Littlejohn, our future outlook is bright and we look forward to driving service level improvements and delivering value to our customers and vendors through distribution excellence. We are extremely excited about our upcoming dealer Market in San Antonio being held on August 15 through August 17. Vendor support has been incredible, and we are expecting near record member attendance."
Steven Raich, Managing Director of Littlejohn, said, "Handy Hardware provides critical value to independent, single and multi-store hardware customers and with this transaction it will have a solid financial foundation from which to build a stronger future. Doug will be actively involved in the transition to the reorganized company and is identifying a number of opportunities that will immediately enhance the company's operations."
About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based private equity and distressed securities firm investing in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth that can benefit from its operational and strategic approach. The firm is currently investing from Littlejohn Fund IV, L.P., which has over $1.3 billion in capital commitments. For more information, visit www.littlejohnllc.com.
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SOURCE Littlejohn & Co., LLC