Hillman Group acquires Servalite
Cincinnati-based The Hillman Group purchased East Moline, Ill.-based Servalite, distributor of residential fasteners and related products and said it will promote the Servalite brand as Hillman’s "premium line of refillable assortments and electrical parts."
Servalite was founded in 1979 by Tom and Jennifer Rowe, who will remain in their current roles with Servalite. Annual revenues in 2009 were more than $20 million, according to the release announcing the acquisition. Terms of the deal were not disclosed.
"This acquisition joins two great brands and allows our customers to take advantage of best practices from two industry leaders," said Tom Rowe.
Hillman said the acquisition strengthens its position in specialty fasteners and electrical parts, according to the company’s release.
Hillman CEO Max "Mick" Hillman Jr. said: "Over the last 31 years, Hillman has admired Servalite’s flexible programs, excellent customer service, innovative new products and talented employees."
In May 2010, private equity firm Oak Hill Capital Partners and Hillman’s management team formed a partnership to acquire Hillman.
RILA names two new board members
The Retail Industry Leaders Association (RILA) announced the addition of two new members to its board of directors following the board’s semi-annual board of directors meeting Jan. 16 in Sarasota, Fla.
Newly named to the RILA board of directors were Bill Simon, president and CEO of Walmart Stores, and Steven Preston, president and CEO of OakLeaf Waste Management. Simon replaces Eduardo Castro-Wright, Walmart vice chairman and president and CEO of Global eCommerce and Global Sourcing.
"We are honored to welcome Bill Simon and Steve Preston to the RILA board and look forward to their future involvement," said RILA president Sandy Kennedy. "The collective expertise of this distinguished group of retail executives provides RILA with unparalleled insight into the industry’s most important issues and ensures RILA is positioned to advocate strongly on their behalf.
RILA focuses on issues related to work force, supply chain, finance, asset protection and issues that span the entire retail enterprise, including sustainability and privacy.
Houston Deere dealer to move
Houston-based Leslie Doggett Industries will be moving its Houston John Deere Construction Equipment dealership to a new location on the site of a historic Chevrolet dealership, according to the Houston Business Journal.
According to the article, it is estimated that Leslie Doggett paid $8.4 million for the 23.5-acre site.
Leslie Doggett recently became the nation’s largest John Deere Construction Equipment dealer after a successful acquisition of Rush Enterprises in September.
The $26.2 million venture gave Leslie Doggett exclusive rights to sell John Deere construction and forestry products for the entire state of Louisiana, east and southeast Texas, including all of the Gulf Coast from Louisiana to Brownsville, Texas. The company is also the largest Toyota Industrial Equipment dealer in the country.