ORANGE, Conn.--(BUSINESS WIRE)--Colony Hardware, Corp. (“Colony” or the “Company”), a leading direct-to-jobsite distributor of construction materials and jobsite supplies, has announced the acquisition of New South Construction Supply, LLC (“New South”), a South Carolina-based value-added distributor of rebar, concrete, masonry, waterproofing products, and contractor supplies.
With locations throughout North Carolina, South Carolina, Georgia and Florida, New South was founded in 1981 and is among the Southeast’s leading suppliers of construction supplies and building materials for commercial, residential, industrial, waterproofing, restoration, and road-and-bridge contractors.
“Bringing New South Construction Supply and Colony Hardware together is impactful in several ways and represents Colony’s largest partnership to date,” states Tim Rash, Chief Executive Officer of Colony Hardware. “Earning the trust of Jim Sobeck and the New South team further reinforces the industry view that we are the partner of choice for owners of distribution companies seeking to scale their business, grow their legacy, and help their valued employees prosper. More importantly, New South’s reputation for quality customer service and their dedicated associates mirror Colony’s ‘client-driven’ culture.”
“We are proud to become part of the Colony Hardware family and especially pleased that our people and locations will remain the same as we add more locations to better service contractors across the South,” added Jim Sobeck, CEO of New South. “With Colony's leadership and reputation, I look forward to seeing New South continue on its growth trajectory with Colony’s backing. The future is bright for our business, our associates and the loyal customers of New South and Colony Hardware.”
The acquisition represents Colony’s 12th acquisition since partnering with Audax Private Equity in November of 2018.
“Colony Hardware has positioned itself as the direct-to-jobsite supplier of choice for contractors,’’ said Young Lee, Managing Director of Audax Private Equity. “The deal for New South is aligned to our investment thesis to support Colony’s growth through both strategic acquisitions and organic initiatives.”
About Colony Hardware
Colony Hardware is a leading direct-to-jobsite distributor of construction materials and jobsite supplies serving construction firms and specialty contractors across a variety of end markets. Colony provides a comprehensive portfolio of products including power tools, safety, personal protective equipment, fasteners and more from industry leading brands and suppliers. The company is headquartered in Orange, CT and has 59 branches across the Northeast, Midwest, Mid-Atlantic, Mid-South, and Florida. For more information, visit https://www.colonyhardware.com/.
About Audax Private Equity
Based in Boston and San Francisco, Audax Private Equity is a leading middle market investment firm with approximately $15 billion of assets under management, over 185 employees, and 80-plus investment professionals. Since its founding in 1999, the firm has invested in more than 160 platforms and 1,150 add-on acquisitions. Through our disciplined buy-and-build approach, across six core industry verticals, Audax helps portfolio companies execute on organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value.
Audax Private Equity is a part of Audax Group, a leading alternative investment manager with approximately $36 billion of assets under management. For more information, visit audaxprivateequity.com or follow us on LinkedIn.