Foundation and Irwin make a deal
Foundation Building Materials, Inc. has closed its acquisition of the specialty building products division of Irwin Builders Supply Corporation.
Foundation is a Tustin, California-based specialty distributor of wallboard and suspended ceiling systems. The company employs more than 3,400 people across more than 200 branches in the U.S. and Canada.
Irwin, Pennsylvania-based Irwin Builders Supply provides a broad range of products, including drywall, metal studs, ceiling and wall systems, insulation and other complementary products.
“We are pleased to reach an agreement with Irwin and welcome their experienced team to FBM," said FBM CEO Ruben Mendoza. "Irwin has built a great reputation over its 70 year history and provides FBM with an expanded footprint and leading market position in the attractive Pittsburgh metro area."
"This represents another great example of FBM’s ability to identify and acquire businesses that will allow us to better service customers in the local market, increase the available product offering and quickly leverage the scale benefits of our broad platform," he added. "We will continue to capitalize on other opportunities that enhance FBM’s position as a leading specialty building products distributor.”
A promotion at Ace Hardware
Oak Brook, Illinois-based Ace Hardware Corp. promoted Kerilyn M. Johnson to VP, general counsel and secretary.
Johnson, 46, joined Ace Hardware in 2013 as senior corporate counsel and was promoted to assistant general counsel in 2015.
Prior to joining Ace Hardware, she spent 10 years as assistant general counsel and assistant secretary at Midas International, four years as a technology attorney at 3Com Corp., and four years as an attorney at Motorola, Inc.
“Keri is a brilliant attorney and welcome addition to the Ace Hardware executive leadership team,” said Bill Guzik, executive VP, chief financial officer and chief risk officer. “Keri leads with integrity and her wealth of highly relevant experience and practical business acumen make her the ideal candidate for leading legal affairs at Ace Hardware.”
Johnson earned her law degree from DePaul University and her Bachelor of Arts degree, cum laude, from Augustana College. In addition, she graduated with honors from the John Marshall Law School in Chicago with her LL.M. in Intellectual Property.
CNRG acquires McLendon Hardware
Fourth generation, family-owned McLendon Hardware, a seven-store retailer based in Renton, Washington, has agreed to be acquired by Central Network Retail Group (CNRG).
McLendon Hardware president, Gail McLendon, said the move was inspired by the company’s desire for continued growth throughout the Puget Sound region and beyond.
At present, McLendon employs more than 500 people with stores in Renton, White Center, Tacoma, Woodinville, Kent, Sumner and Puyallup. The Renton store is the largest. It was established in 1926, initially as U.S. Junk Company, and is the longest-standing hardware outpost in Washington state.
“Expert advice, legendary customer service and unmatched product selection have been the hallmarks of McLendon’s success for more than 90 years,” McLendon said. “However, continued if not aggressive growth is essential. CNRG has the financial strength to sustain and expand our business in the Puget Sound Region and beyond.”
The decision to sell McLendons evolved over several years. “Over a lengthy period, McLendon’s looked at many alternatives for keeping our brand culture and legacy intact,” McLendon said. “We were determined to provide stability for our team members and to open new stores.”
CNRG, a is a multi-format, multi-brand retailer operating 90 hardware stores, home centers and lumberyards in eleven states. CNRG has close ties to Memphis-based distributor Orgill. It was formed in 2011, by Jimmy R. Smith, president of Natchez Home Center and Boyden Moore, president of Tyndale Advisors, a wholly owned subsidiary of Orgill.
McLendon has been operating as a non-branded member of the Ace Hardware co-op.
The transaction is expected to close in April. McLendon’s name will remain the same. The company will continue to be managed by Gail and Mike McLendon and their executive and store manager teams.
CNRG’s Boyden Moore says he is a long-time admirer of McLendon Hardware. The company was looking for expansion in the Pacific Northwest where it currently operates Parkrose Hardware in the Portland, Oregon and Vancouver, Washington area.
“We are thrilled to have the opportunity to add McLendon Hardware to CNRG. McLendon is well-known and respected throughout the industry for their great stores, service, and team” Moore said. “We will continue to invest in and grow McLendon’s here and perhaps beyond. It is an iconic business that offers customers something that is becoming rare — expert advice and the broadest selection of hardware items available.”
Since it first opened for business in Renton in 1926, McLendon family members have owned and managed the business. McLendon was honored as an HBSDealer Hardware Store All Star in the inaugural All-Star class of 2011.