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

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

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.

House-Hasson President & CEO Steve Henry

“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, gkorda@kordacom.com
Chuck Morris, (865) 300-5669, cmorris@househasson.com

 

 

SOURCE House-Hasson Hardware Company, Inc.


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

House-Hasson Signs Letter of Intent to Acquire Midwest Wholesale Hardware Distributor Bostwick-Braun

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.


House-Hasson Jan. dealer market sees big jump in attendance, sales

House-Hasson Jan. dealer market sees big jump in attendance, sales

 

NEWS RELEASE

Contact:
George Korda, (865) 567-2163
Chuck Morris, (865) 300-5669

House-Hasson Jan. dealer market sees big jump in attendance, sales

(KNOXVILLE, Tenn.) February 7, 2024 — House-Hasson Hardware, America’s largest independent regional hardware distributor, saw its January 2024 dealer market attendance jump by more than a third over the 2023 turnout, signaling that independent hardware store and lumberyard dealers anticipate high sales volume in 2024.

Dealer attendance increased 34% at House-Hasson’s Jan. 2024 Leap Into Savings dealer market, held at the Gaylord Opryland Resort & Convention Center, in Nashville, Tenn.

“We were pleased with last year’s turnout, but January’s Leap Into Savings market shot past what we were expecting in dealer turnout, and we also had big increases in new vendors and booths,” said Steve Henry, House-Hasson president and CEO.  “Dealers took advantage of market buying opportunities that will enable them to meet or exceed their margins, and dealer profitability is our No. 1 priority.”

Warehouse sales were up 27% over 2023’s market, and is an indicator of dealer confidence, said Jason Hanegan, House-Hasson Senior Vice President Sales, Growth & Development.

“When dealers are pessimistic about the economy, or even cautious about how their sales will fare in the coming months, they can tend to be more reserved in their buying patterns,” Hanegan said. “However, given what we saw at the market, it appears dealers are looking forward to robust customer traffic in their stores.”

Market vendor attendance was up 25% over 2023, and 140 new booths were on the floor, leading to an expansion over past years of convention center floor space used by House-Hasson.

House-Hasson’s next dealer market, called Gateway to Summer, is scheduled June 13-15, 2024, at the Sevierville Convention Center, Sevierville, Tenn., near the Great Smoky Mountains National Park.

Later this year, House-Hasson will also hold a fall dealer market in Charlotte, North Carolina for the first time. The market is scheduled for October 10-12, 2024 at the Charlotte Convention Center.

House-Hasson Hardware serves some 2,500 dealers in 23 states and the Caribbean Basin. The 118-year-old, family-owned company has some 500,000 square-feet of warehouse space at its Knoxville, Tenn., headquarters, and 300,000 square-feet at its Prichard, W. Va., facility. The company’s website is www.househasson.com.

END