Orange, Connecticut-based industrial distributor Colony Hardware Corporation announced March 1 its acquisition of New South Construction Supply, a distributor of construction supplies and building materials based in Greenville, South Carolina. Financial details of the transaction — which was completed Feb. 10, according to a letter sent to vendors — were not disclosed.
Founded in 1981, New South supplies concrete and masonry accessories, waterproofing products and more to commercial, residential, industrial, waterproofing, restoration, and road and bridge contractors in the Southeast. New South operates 11 branches across North Carolina, South Carolina, Georgia and Florida.
“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, Colony Hardware CEO, in a news release. “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.”
The deal represents Colony’s 12th acquisition since partnering with Audax Private Equity in November 2018.
“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.”
All New South employees have continued their roles following the transaction, according to New South Executive Vice President and COO Abhi Singh, who detailed the acquisition in a New South company newsletter at the end of January. New South CEO Jim Sobeck has phased out of day-to-day operations but remains with the company to work with Colony on M&A opportunities, Singh said.
“In closing, all of us here at New South would like to reiterate our appreciation and gratitude to Jim, and the entire Sobeck family, their years of dedication and service to our industry,” Singh wrote in the newsletter. “It’s not easy building a successful business … and they did so with the help of our customers, associates and suppliers.”
With the acquisition of New South, Colony Hardware now has nearly 60 locations across the U.S.