Private investment firm Littlejohn & Co., LLC, has announced that it is leading the acquisition and recapitalization of Handy Hardware, a wholesale hardware distributor to independent hardware retailers. The transaction was approved by the United States Bankruptcy Court for the District of Delaware as part of a Chapter 11 plan for Handy Hardware, and subject to satisfaction of certain conditions precedent in the plan and the acquisition documents. The transaction is expected to close the week of August 5.
Based in Houston, Handy Hardware provides a broad offering of nearly 50,000 items. These name brand products are distributed to over 1,000 customers in such categories as housewares, plumbing, electrical, general hardware, paint, hand and power tools, lawn and garden care, automotive, and office supplies. The company distributes its products to retail hardware stores in nine states located primarily in the southern U.S.
Doug Miller, former president of Jensen Distribution who has over 45 years of hardware distribution experience, will serve as interim CEO of Handy Hardware.
Steven Raich, managing director of Littlejohn, said, “Handy Hardware provides critical value to independent, single and multi-store hardware customers and with this transaction it will have a solid financial foundation from which to build a stronger future. Doug will be actively involved in the transition to the reorganized company and is identifying a number of opportunities that will immediately enhance the company’s operations.”