Business
Richelieu closes its third acquisition since the beginning of 2006, by purchasing the distributor Nystrom Group Inc.
Richelieu closes its third acquisition since the beginning of 2006, by purchasing the distributor Nystrom Group Inc..
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n\nRCH/TSX\n\nMONTREAL, Feb. 9 /CNW Telbec/ - Richelieu Hardware Ltd. - Canada's\nleading distributor, importer and manufacturer of specialty hardware and\ncomplementary products, and also ranking among the top players in its\nspecialty in North America - has just closed the acquisition of Nystrom Group\nInc., a Toronto, Ontario based distributor which whom an agreement in\nprinciple had been signed in December 2005.\nSpecializing in the distribution of decorative hardware products and\nbathroom accessories, Nystrom Group Inc. serves the retailers market,\nespecially renovation superstore chains, primarily in Canada which accounts\nfor 95% of its sales, and also in the United States. This acquisition adds\nrevenues of more than $5 million annually to Richelieu's sales and should\nimmediately contribute to its earnings.\nThis acquisition is Richelieu's third since the beginning of 2006, after\nthose of the decorative and functional hardware and kitchen accessories\ndistributor Atlantic Countertops Limited (Nova Scotia) in December 2005 and\nKiika International, LLC (Pennsylvania), a distributor specializing in\nergonomic office products, in January 2006.\n\"The acquisition of Nystrom Group further improves our decorative\nhardware and accessories offering and strengthens our operations in the major\nretail chains market. We are pleased to have closed this transaction which is\nfully compatible with our business, our acquisition criteria and our growth\nobjectives in the North American retailers market,\" indicated Richard Lord,\nPresident and Chief Executive Officer of Richelieu.\n\nProfile\n-------\nRichelieu Hardware Ltd. is Canada's leading distributor, importer and\nmanufacturer of specialty hardware and complementary products. The Company\nalso ranks among the top players in its specialty in North America. Its\nproducts are targeted to an extensive customer base of kitchen and bathroom\ncabinet, furniture, and window and door manufacturers plus the residential and\ncommercial woodworking industry, as well as a large customer base of hardware\nretailers, including renovation superstores. Richelieu offers customers a\nbroad mix of high-end products sourced from manufacturers around the world.\nIts product selection consists of more than 43,000 different items targeted to\na base of over 36,000 customers who are served b...