Co-op buys Westlake Ace Hardware

Ace Hardware Corp. acquired Lenexa, Kan.-based Westlake Ace Hardware for $88 million.

Westlake was named the HCN 2011 Retailer of the Year, and was featured in the May 2011 issue of Home Channel News. Since 2006, the company was owned by a private equity firm -- Goldner Hawn Johnson and Morrison. 

According to Ace Hardware, the agreement became official for business beginning Dec. 17. Under the deal, Ace becomes the sole owner of the 85-store chain located in 33 Midwest and Sunbelt markets.

Westlake Ace Hardware was founded in 1905 and became part of the Ace co-op in 1959.