Midwest Wholesale Hardware acquires Strauss Lock Distributors
NEW YORK, 2018 – High Road Capital Partners (www.highroadcap.com) portfolio company Midwest Wholesale Hardware (www.midwestwholesale.com) has completed the acquisition of the assets of Strauss Lock Distributors (www.sld-usa.com).
Based in Des Moines, Iowa, Strauss Lock Distributors (“SLD”) is a leading wholesale distributor of residential door hardware and security products. In addition to its Des Moines headquarters, the company operates distribution centers in Phoenix, Arizona and Charlotte, North Carolina. SLD provides expert customer service and tailored solutions for the residential builder market.
“SLD’s focus on the residential builder market and strength in the building products channel are tremendous complements to Midwest Wholesale Hardware’s extensive commercial and institutional offering,” said Scott Rubino, Principal, High Road Capital Partners. “In addition, Midwest will be able to extend SLD’s reach into several new geographic markets.”
“We’re excited to join the Midwest Wholesale Hardware team and have the company’s national distribution network behind us,” said Dan Swift, President, Strauss Lock Distributors, who will continue to lead SLD following the acquisition. “Our new partnership will provide access to resources and expertise that will take SLD to the next level.”
Midwest Wholesale Hardware’s acquisition of Strauss Lock Distributors closed on December 22, 2017. Transaction consideration was not disclosed. Ben Schnakenberg, Partner, and Mr. Rubino led the transaction for High Road and were assisted by Nick Martino, Operating Partner, and Tom Cassidy, Associate. Monroe Capital provided financing for the transaction.
Midwest Wholesale Hardware was acquired by High Road in February 2017 and was the sixth platform company for High Road Capital Partners Fund II. Strauss Lock Distributors is the second acquisition completed by Midwest Wholesale Hardware under High Road’s ownership and follows the acquisition of Akron Hardware in October 2017.
High Road Capital Partners has completed 46 transactions – 17 platform investments, 23 add-on acquisitions and six exits – since its founding in 2007.
High Road Capital Partners
High Road Capital Partners is a private equity firm focused on smaller middle market transactions. High Road was formed in 2007 and has raised over $470 million of committed capital since inception. High Road focuses on niche-leading companies with revenues of $10 million to $100 million and EBITDA of$3 million to $10 million. Once acquired, High Road works in partnership with management to take the companies to the next level through a combination of organic growth initiatives and add-on acquisitions. www.highroadcap.com
Strauss Lock Distributors
Strauss Lock Distributors is a leading distributor of residential door hardware. Headquartered in Des Moines, Iowa, the company also has distribution centers in Phoenix, Arizona and Charlotte, North Carolina. www.sld-usa.com
Midwest Wholesale Hardware
Midwest Wholesale Hardware (MWH) is a leading wholesale distributor of advanced security, doorhardware and access control systems providing the most effective, safe and secure solutions for commercial and institutional building markets. From its headquarters in Kansas City and nationwide network of distribution centers, MWH provides customers with the best combination of coverage, technical expertise and service in the security and access control industry and enables MWH to deliver on its promise: What you need, when you need it. www.midwestwholesale.com
