News Summary
PrimeSource Brands has acquired Harney Hardware, enhancing its specialty building products portfolio. This acquisition strengthens PrimeSource’s presence in the building products industry and aims to broaden customer choices with high-quality door and bathroom hardware. Established in 1985, Harney Hardware has been a leader in Tampa Bay, serving a diverse clientele. This move marks a significant step in PrimeSource’s growth strategy, supported by Clearlake Capital, and highlights shared values of quality and customer satisfaction between the two companies.
Tampa Bay Welcomes Exciting News: PrimeSource Brands Expands with Harney Hardware Acquisition
In a noteworthy development, PrimeSource Brands has made waves in the building products industry by acquiring Harney Hardware, a beloved name for door and bathroom hardware in the Tampa Bay area. This exciting move is part of PrimeSource’s ambitious strategy to enhance its specialty building products portfolio while offering even greater choices to customers across the nation.
A Deep Dive Into Harney Hardware
Founded back in 1985, Harney Hardware quickly carved a niche for itself as a trusted provider of high-quality hardware products. Located in the heart of Tampa Bay, they have consistently offered a range of products including door locks, bathroom fixtures, and commercial hardware. Their diverse lineup has made them a go-to choice for homeowners, contractors, and businesses alike, serving customers nationwide with dedication and flair.
The Deal Details
While the financial details surrounding this acquisition have not been disclosed, the partnership is sure to pave the way for greater innovation and improved offerings. Hyde Park Capital was the investment banker who facilitated this impressive transaction, ensuring everything went smoothly. Meanwhile, BakerHostetler provided legal support during this transformative period for Harney, highlighting just how serious and committed both companies are about this new chapter.
This Acquisition Signals Big Things for PrimeSource
For those unfamiliar with PrimeSource Brands, they’re not just any construction company. They specialize in building products designed for repair, remodeling, and new construction projects. With a wide-reaching network of 58 distribution centers across 26 states, they serve a staggering 45,000 customer locations. Clearly, PrimeSource has a well-established presence in the industry, and this latest acquisition only fortifies that standing.
Enhancing the Kitchen & Bath Segment
One of the key goals of the acquisition is to bolster the Kitchen & Bath segment of PrimeSource’s offerings. With over 850 SKUs dedicated to this market, adding Harney’s vast array of products is expected to create exciting new opportunities for customers. This move is not about mere expansion; it’s about enriching the customer experience through a more comprehensive selection of high-quality products.
What This Means for the Future
This acquisition marks PrimeSource’s sixth significant deal since teaming up with Clearlake Capital in December 2020. Clearlake Capital is a powerhouse with over $85 billion in assets, focusing on technology, industrial, and consumer sectors. The partnership with Clearlake has clearly enhanced PrimeSource’s capacity to grow and evolve its business model, and this latest acquisition is a shining example of that momentum.
Community and Culture
As PrimeSource and Harney Hardware join forces, there’s an underlying theme of shared values. Both companies deeply prioritize quality and customer satisfaction, ensuring that their combined efforts will cater better to their existing customer base while also attracting new ones. The excitement surrounding this acquisition is palpable, with both sides looking forward to working together to create something truly special in the building products sector.
A Bright Future on the Horizon
With strong roots in the community and a commitment to excellence, this acquisition is paving the way for a bright future. Tampa Bay residents can take pride in knowing that they’re at the forefront of this exciting new chapter. As PrimeSource Brands welcomes Harney Hardware into its fold, both companies are set to redefine what’s possible in the world of specialty building products — all while ensuring that quality and customer satisfaction remain at the heart of everything they do.
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Additional Resources
- Tampa Bay Business & Wealth
- PR Newswire
- HBS Dealer
- Modern Distribution Management
- PE Hub
- Wikipedia: Building Products
- Google Search: PrimeSource Brands
- Google Scholar: Harney Hardware
- Encyclopedia Britannica: PrimeSource Brands
- Google News: Harney Hardware
