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Midwest Wholesale Hardware Acquires Strauss Lock Distributors
High Road Capital Partners recently announced that its portfolio company, Midwest Wholesale Hardware (Kansas City, MO) has completed the acquisition of the assets of Strauss Lock Distributors for an undisclosed amount.
Based in Des Moines, IA, Strauss Lock Distributors (SLD) is a wholesale distributor of residential door hardware and security products. In addition to its Des Moines headquarters, the company operates distribution centers in Phoenix, AZ and Charlotte, NC. SLD provides expert customer service and tailored solutions for the residential builder market.
"SLD's focus on the residential builder market and strength in the building products channel are tremendous complements to Midwest Wholesale Hardware's extensive commercial and institutional offering," said Scott Rubino, Principal, High Road Capital Partners. "In addition, Midwest will be able to extend SLD's reach into several new geographic markets."
"We're excited to join the Midwest Wholesale Hardware team and have the company's national distribution network behind us," said Dan Swift, President, Strauss Lock Distributors, who will continue to lead SLD following the acquisition. "Our new partnership will provide access to resources and expertise that will take SLD to the next level."
Midwest Wholesale Hardware's acquisition of Strauss Lock Distributors closed on Dec. 22, 2017. Transaction consideration was not disclosed. Ben Schnakenberg, Partner, and Rubino led the transaction for High Road and were assisted by Nick Martino, Operating Partner, and Tom Cassidy, Associate. Monroe Capital provided financing for the transaction.
Midwest Wholesale Hardware was acquired by High Road in February 2017 and was the sixth platform company for High Road Capital Partners Fund II. Strauss Lock Distributors is the second acquisition completed by Midwest Wholesale Hardware under High Road's ownership and follows the acquisition of Akron Hardware in October 2017.
Source: Industrial Distribution
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