House-Hasson Signs Letter of Intent to Acquire Midwest Wholesale Hardware Distributor Bostwick-Braun
KNOXVILLE, Tenn., March 21, 2024 /PRNewswire/ — House-Hasson Hardware, America’s largest independent regional hardware distributor, has signed a letter of intent to acquire Bostwick-Braun Hardware, a Midwestern U.S. wholesale hardware distributor, officials of both companies have announced. The acquisition will include warehouses and inventory.
Steve Henry, president and CEO of House-Hasson, and Pete Richichi, CEO of Bostwick-Braun, said the letter of intent was signed Tuesday, March 19.
House-Hasson President & CEO Steve Henry
“We believe in the future of independent hardware stores and lumberyards,” Henry said. “These businesses are owned by many thousands of men and women, husbands and wives, sons and fathers, mothers and daughters, and we want to make sure they continue to prosper. Their profitability is our purpose.
“When completed, this acquisition doubles the number of our distribution centers, grows our inventory, and puts us in an even stronger position to provide everything our dealers need,” Henry said.
House-Hasson’s main warehouse is at its Knoxville, Tenn., corporate headquarters; a second warehouse is in Prichard, W. Va. With the addition of Bostwick-Braun’s West Helena, Ark., and Ashley, Ind., warehouses, House-Hasson will have more than 1.1 million square feet of warehouse, receiving and shipping space.
“Bostwick-Braun has a remarkable history, and, to its leadership’s credit, they recognized that now is a good time to partner together to better serve our combined customers,” Henry said.
Richichi said that Bostwick-Braun has a nearly 170-year history of working for customers throughout the U.S. Midwest.
“Bostwick-Braun is privileged to have served so many wonderful customers in our long history,” Richichi said. “Our doors opened only 79 years after the U.S. became an independent nation: since the day we opened we’ve enabled our customers to be successful.
“Our long history was possible because of generations of employees dedicated to doing a great job for our customers. Our assessment, after much consideration, is that House-Hasson, with its history and dealer-profitability focus, is exactly the right company to continue our legacy.”
The acquisition described in the letter of intent will be complete after a period of due diligence. The pending acquisition’s cost is being privately handled between the two companies.
In 2023, privately-owned House-Hasson, founded in 1906 in Knoxville, had total sales of $350 million; Bostwick-Braun’s sales were approximately $80 million.
There are 110 employees working in Bostwick-Braun’s two warehouses; House-Hasson plans to try to retain as many employees as possible. House-Hasson’s staff currently numbers 465 employees in Knoxville and Prichard.
The 56,000 stock keeping units (SKU) in Bostwick-Braun’s warehouses will be incorporated into House-Hasson’s system. House-Hasson presently has 55,000 SKUs in its two warehouses.
House-Hasson serves dealers in 23 states and the Caribbean Basin. The company’s website is www.househasson.com.
Contact:
George Korda, (865) 567-2163, gkorda@kordacom.com
Chuck Morris, (865) 300-5669, cmorris@househasson.com
SOURCE House-Hasson Hardware Company, Inc.