Harris Williams & Co. Advises Hardware Resources in its Sale to Harbour Group

November 22, 2010

Harris Williams & Co. announces that Hardware Resources, a portfolio company of The Riverside Company (Riverside), has been acquired by Harbour Group. The transaction closed on November 16, 2010. Harris Williams & Co. acted as the exclusive financial advisor to Hardware Resources. The transaction was led by Mike Hogan, Patrick McNulty and Chris Burnham from the firm's Richmond office.

"With a proven track record for successfully broadening its product line, expanding into new markets, and providing industry-leading customer service, Hardware Resources significantly outperformed the industry and captured substantial market share both before and during the recent historic downturn in the housing market," according to Mike Hogan, a managing director at Harris Williams & Co. "We are seeing increasing interest from both strategic buyers and private equity groups in acquiring market leaders within the building products industry that have performed well despite the downturn and are poised for significant growth as the housing and remodeling markets recover."

Hardware Resources is a leading designer, manufacturer, and distributor of hardware and other products for the cabinet industry. The company's products include functional hardware, decorative hardware, decorative wood products, custom drawers, and other cabinet-related components, and its customers include custom cabinet fabricators, OEMs, and independent showrooms. With headquarters, manufacturing, and distribution facilities in Bossier City, LA, Hardware Resources also has operations in Atlanta, GA; Ontario, CA; Elgin, IL; Middletown, PA; and Guangzhou, China.

Riverside is a global private equity firm focused on acquiring growing enterprises valued at up to $200 million (EUR 200 million in Europe). The firm partners with strong management teams and enhances its investments through acquisitions and organic growth. Since its founding in 1988, Riverside has invested in 239 transactions with a total enterprise value of more than $5.4 billion/EUR 4.4 billion. The firm's portfolio in North America, Europe and the Asia Pacific region includes 70 companies with roughly 14,000 employees. Riverside completes acquisitions smoothly thanks to $3.4 billion/EUR 2.7 billion in assets under management, more than 195 professionals in 19 offices, and longstanding relationships with partner lenders.

Harbour Group is a privately owned company based in St. Louis, MO, with additional operations in Shanghai, China and Bangalore, India. Its operating companies are engaged in manufacturing, distribution and specialty services in multiple industries, including specialty LED lighting products, non-asset based logistics services, automotive-enthusiast products, lubricating systems and equipment, decorative kitchen and bath hardware, abrasives, diamond cutting products and related tools, entertainment and music products, and auxiliary plastic processing equipment. Since its founding in 1976, Harbour Group has acquired 166 companies in 34 different industries.