Colony Hardware acquires New South Construction Supply
Colony Hardware, Corp. has struck a big distribution deal in the South.
The direct-to-jobsite distributor of construction materials has acquired New South Construction Supply, LLC.
Based in Greenville, S.C., New South specializes in distributing concrete and masonry accessories, rebar and wire mesh, tilt-up construction, waterproofing materials, and other building products for both commercial and residential construction.
Founded in 1981, New South operates 11 locations in North Carolina, South Carolina, Georgia, and Florida.
Last November, New South expanded in Florida when it acquired Malone Steel Corporation, based in Ponte Vedra Beach. New South’s customer base includes 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,” said Tim Rash, CEO 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.”
With headquarters in Orange, Connecticut, Colony Hardware operates 59 branches across the Northeast, Midwest, Mid-Atlantic, Mid-South, and Florida.
“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. The financial terms of this deal were not disclosed.
“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.”
Audax Private Equity, with headquarters in Boston and San Francisco, is a middle-market investment firm with approximately $15 billion of assets under management. The firm is part of the Audax Group with about $36 billion of assets.
