#USA #Clearlake Capital #Tampa #PrimeSource Brands #Harney Hardware

Hyde Park Capital Facilitates Acquisition of Harney Hardware

On January 7, 2025, Hyde Park Capital revealed significant news in the building products sector: its client, Harney Hardware, has officially been acquired by PrimeSource Brands. This strategic move positions PrimeSource, well-known for its specialty building products, to strengthen its offerings in the repair, remodel, and new housing segments. The acquisition also aligns with the ambitions of both companies to create a robust branded specialty building products platform.

Company Backgrounds

Harney Hardware, founded in 1985 and based in the Tampa Bay area, has established itself as a trusted provider of door and bathroom hardware. Its wide range of products includes residential door locks, plumbing fixtures, and decorative hardware, catering to a diverse clientele across the United States. The company has built a reputation for quality and excellent customer service, making it a valuable addition to any larger corporation looking to expand its product offerings.

PrimeSource Brands, a national player in the building products market, boasts an impressive catalog that spans over 85,000 SKUs, encompassing construction fasteners to functional hardware. The company distributes its extensive range through 58 strategically located centers across 26 states, serving over 45,000 customer locations. This acquisition reinforces the company's commitment to providing a comprehensive suite of products and services to the hardware market.

Insights from Leadership

Tom Koos, the CEO of PrimeSource Brands, expressed that the acquisition of Harney secures an impressive portfolio that aligns seamlessly with their existing offerings. He emphasized the company's mission to lead the branded specialty building products platform and highlighted the significant service network they are poised to advance.

In a complementary sentiment, Preston Copenhaver, President and Owner of Harney Hardware, shared excitement about joining PrimeSource's family. He reiterated the values both companies share — a focus on delivering high-quality products and maintaining strong customer satisfaction. Copenhaver's confidence in this acquisition suggests a bright future for Harney Hardware and its stakeholders.

The pivotal role of Hyde Park Capital as an exclusive investment banker for Harney during this transition cannot be understated. Copenhaver acknowledged their expertise and dedication throughout the process, which was instrumental in achieving a successful outcome. Matthew Gladdish and Luke Horanski, both directors at Hyde Park, underscored the strategic fit between Harney's products and PrimeSource's distribution capabilities and expressed their gratitude for being a part of this partnership.

The Bigger Picture

This acquisition is more than just a business transaction; it represents a significant consolidation within the industry, reflecting a broader trend of mergers and partnerships aimed at enhancing service offerings and operational efficiencies in the competitive landscape of building products. As the demand for high-quality building materials continues to grow, such collaborations will be crucial to addressing market needs effectively.

Hyde Park Capital, a boutique investment banking firm based in Tampa, Florida, specializes in mergers and acquisitions. With a strong focus on serving founder and family-owned businesses, their extensive experience in executing company sales and recapitalizations showcases their capability in managing complex transactions across multiple industries including technology and healthcare.

Future Prospects

As PrimeSource Brands and Harney Hardware embark on this new journey together, industry observers will be closely watching how this partnership evolves and what innovations or enhancements they will bring to the market. The combination of resources, expertise, and product offerings is poised to create a formidable presence in the building products sector, serving not just existing customers but also potentially opening new markets and opportunities for growth. For more information on Harney Hardware, visit Harney Hardware's website, and for PrimeSource Brands, visit PrimeSource's website.