Greenwhich, Conn.-based Littlejohn & Co. received court approval to acquire Houston-based Handy Hardware Wholesale out of bankruptcy.
Doug Miller, former president of Jensen Distribution, will take over as interim CEO of Handy Hardware.
"This is an important milestone for the future growth of Handy Hardware and I am pleased to lead this organization, which has enjoyed outstanding support and loyalty from its members and industry partners," Miller said.
The transaction was approved yesteday by the U.S. Bankruptcy Court for the District of Delaware and is expected to close early in August -- before Handy's Aug. 15-17 dealer market slated for San Antonio. "We are expecting near record member attendance," said Miller.
Handy Hardware was a 1,300-member regional co-op when it filed for Chapter 11 bankruptcy in January 2013. With the loss of member equity, the company had dropped its co-operative structure and faces the future as a for-profit distributor.
"Handy Hardware provides critical value to independent, single and multi-store hardware customers, and with this transaction it will have a solid financial foundation from which to build a stronger future," said Steven Raich, managing director of Littlejohn.