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Hardware and renovation products distributor and retailer RONA, Boucherville, Quebec, has acquired Noble Trade Inc., a plumbing and heating supply wholesaler in Ontario with annual sales of about C$150 million. The purchase price was close to 7X EBITDA, RONA executives said in a conference call.

Noble Trade was created in 1998 with the merger of Trade Plumbing Supplies and Noble Plumbing Supplies. The company has posted average annual sales increases of 27 percent since 1998. Most of that growth was organic, with either new stores or sales growth at existing stores, said Noble President Michael Storfer.

Storfer said Noble sold to RONA because it had resources it needed to grow the business. We thought they were the most entrepreneurial, and would allow us to continue to ...