BOSTON — Audax Private Equity announced it has acquired a controlling interest in Colony Hardware Corporation, a distributor of tools, safety products, and other contractor supplies headquartered in Orange, CT. Tailwind Capital, the Company’s previous sponsor, will retain a minority stake, as will the Company’s management team.
Michael Weiner, President and CEO of Colony Hardware Corporation, said, “We are excited to be partnering with Audax for the next stage of our growth. We have always put our customers first, and Audax is committed to investing behind our value proposition and our ability to serve the customer. Audax also brings expertise and resources that will help us continue to build our position in the market through strategic acquisitions and growth initiatives.”
Thus far in 2018, Colony has achieved record sales growth and expanded its presence in Florida and the Midwest through five strategic acquisitions.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said, “Colony is a leader in the consumable construction tools, safety equipment, and jobsite supply market. We believe the company is poised for growth as it continues to expand its presence throughout the United States. We look forward to supporting Michael, Mark, and the entire Colony team to continue growing the business organically and through acquisitions.”
Terms of the transaction were not disclosed. BB&T Capital Markets acted as exclusive financial advisor and Davis Polk & Wardwell LLP served as legal counsel to Colony Hardware and Tailwind Capital. Ropes & Gray LLP served as counsel to Audax.