House-Hasson Finalizes Acquisition of Former Midwest Wholesale Hardware Distributor Bostwick-Braun

KNOXVILLE, Tenn., July 2, 2024 — House-Hasson Hardware, America’s largest independent regional hardware distributor, has finalized its acquisition of former Midwestern U.S. wholesale hardware distributor Bostwick-Braun’s warehouses and inventory.

The acquisition adds to House-Hasson two warehouses in Indiana and Arkansas as well as more than 45,000 stock keeping units (SKU) to its existing 55,000 SKU inventory. The facility, inventory, and employee expansion will give House-Hasson a springboard to strengthen its position in multiple states and to grow its independent hardware store and lumberyard customer base in states it hasn’t previously served.

“Our focus is dealer profitability, and that focus is the reason for this acquisition,” said Steve Henry, House-Hasson president and CEO. “We’re adding the Arkansas warehouse to our existing ability to serve customers in Texas, Louisiana, Arkansas, and other Southwestern states. The Indiana warehouse opens opportunities for us in Indiana, Ohio, Pennsylvania, New York, Michigan, and other states in the Northeastern region.”

“Independent hardware stores and lumberyard dealers have a great future,” Henry said. “The need for them is growing every day. They provide an unmatched level of local service and responsiveness to their customers. We’re proud to serve them, and now we’ll be able to serve them even better.”

A due diligence process has been underway since the acquisition letter of intent was signed on Tuesday, March 19, 2024. The deal was finalized on Friday, June 28. Terms of the cash sale are private between the parties.

“Our corporate policy has long been to not borrow money to finance acquisitions,” Henry said. “Our debt-free status gives us great latitude and flexibility to act on behalf of our dealers’ best interests.”

To this point, House-Hasson has served customers in 23 states and the Caribbean Basin from its 500,000-square-foot headquarters warehouse in Knoxville, Tenn., and 250,000-square-foot warehouse in Prichard, W. Va. Adding to its operations the former Bostwick-Braun warehouses in West Helena, Ark., and Ashley, Ind., gives House-Hasson a total of approximately 1.3 million square feet of warehouse, receiving, shipping,
and administrative space.

Additionally, 75 former Bostwick-Braun employees have transitioned into the House-Hasson workforce, bringing the total number to 532 House-Hasson employees serving dealers from the company’s now four locations.

“We’re delighted to have these great people join with us,” Henry said. “Throughout the due diligence process we’ve been impressed with their work and that they understand and want to be part of our focus on dealer service and profitability.”

House-Hasson, founded in 1906, is privately owned. The company’s website is www.househasson.com.

Contact:
George Korda, (865) 567-2163, [email protected]
Chuck Morris, (865) 300-5669, [email protected]

SOURCE House-Hasson Hardware Company, Inc.

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, [email protected]
Chuck Morris, (865) 300-5669, [email protected]

SOURCE House-Hasson Hardware Company, Inc.