Ace Hardware buys Portland distributor
Illinois-based Ace Hardware has purchased a majority stake in Emery-Waterhouse, a Portland-based wholesale distributor to hardware stores and lumber mills, for an undisclosed price.
The Bangor Daily News reported the Portland company was founded in 1842 and has been owned by the same family for more than 80 years. Emery-Waterhouse will continue to operate independently as a subsidiary of Ace Hardware, a cooperative business owned by members at more than 4,500 locations internationally. Ace had revenues of $4.2 billion last year.
Steve Frawley, Emery-Waterhouse’s CEO, told the paper the company pursued the deal because of market pressures and the opportunities provided by Ace’s purchasing power.
Emery-Waterhouse has 300 workers, with around 200 in Portland.
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