Calgary, Alberta-based Tim-Br Marts, one of Canada’s largest independent lumber, building material and hardware buying groups, announced it has entered into an agreement to acquire CanWel Hardware from CanWel Building Materials Group.
Financial terms of the agreement were not disclosed.
The agreement includes two hardware distribution operations in Victoriaville, Quebec, and London, Ontario, as well as two Chalifour building material warehouses in Quebec. It also provides Tim-Br ownership of the Pro name as well as licensing rights to the Ace brand in Canada.
"This is a turning point for our Company," said Tim Urquhart, president and CEO of Tim-Br Mart. "With this acquisition we will further empower our network of strong independent Tim-Br Mart dealers. They are the leading purchasers of building materials in Canada, and now they will be the leaders in hardware as well."
Urquhart emphasized the acquisition will not disrupt supply from the four warehouses.
"It is business as usual actually; we aim to be better than usual," he commented.
In business since 1967, Tim-Br Mart represents more than 700 dealer locations across Canada, more than $2 billion in annual purchases.