ST. LOUIS, Nov. 17, 2010 - Harbour Group has acquired Hardware Resources Inc., a designer, manufacturer and distributor of products for the cabinet industry, Jeff Fox, Harbour Group's chief executive officer, announced. Terms of the transaction were not disclosed.
Hardware Resources' products include functional hardware, decorative hardware, decorative wood products, custom drawers, and other cabinet-related components. The company's customers include custom cabinet fabricators, OEMs, and independent showrooms. With headquarters, manufacturing and distribution facilities in Bossier City, La., the company also has operations in Atlanta, Ga.; Ontario, Cal.; Elgin, Ill.; Middletown, Pa.; and Guangzhou, China.
"We are thoroughly impressed with the accomplishments of the Hardware Resources team," Mr. Fox said. "This team has demonstrated a strong track record of innovation and new market entry-- capabilities that have driven substantial market share gains over the last several years. HR has also developed and executed a model of delivering high quality, attractive products directly to its customers, with industry-leading delivery performance. We look forward to bringing the global resources of Harbour Group to this business and are excited about the company's many opportunities for continued growth."
"The sense of urgency with which Harbour Group has worked throughout this process has been very impressive," Jeff Lowe, the founder and chief executive officer of Hardware Resources, commented. "They did more work, faster, than any other group and never wavered in their resolve to complete the deal. They delivered on their promises -- a great start to what will be a wonderful partnership."
Lowe added: "Harbour Group's culture of straight talk, and its focus on innovation, cost, quality, and service, are a good fit with our approach. The addition of Harbour Group's operational resources and position in this industry will accelerate our growth. Most importantly, the ultimate beneficiaries of this new partnership will be our customers, our vendors and our employees."
Harbour Group is a privately owned company based in St. Louis, Mo., with additional operations in Shanghai, China and Bangalore, India. Its operating companies are engaged in a wide variety of businesses including specialty LED lighting products, non-asset based logistics services, automotive-enthusiast products, lubricating systems and equipment, abrasives, diamond cutting products and related tools, decorative kitchen and bath hardware, entertainment and music products, and auxiliary plastic processing equipment. Since its founding in 1976, Harbour Group has acquired 166 companies in 34 different industries.
SOURCE Harbour Group
Paul Wagman of Fleishman Hillard,
for Harbour Group