Richelieu acquires PJ White Hardwoods Ltd., a distributor with operations in British Columbia and Alberta
Sixth acquisition since the beginning of 2010
and signs three new acquisition agreements
MONTREAL, Nov. 30 /CNW Telbec/ - Richelieu Hardware Ltd. announces it has closed its sixth acquisition since the beginning of 2010, specifically the acquisition of the net assets of PJ White Hardwoods Ltd. ("PJ White"), headquartered and operating a distribution centre located in Vancouver (B.C.). This company also operates three other distribution centres in Victoria (B.C.), Edmonton and Calgary (Alberta). PJ White distributes a diversified range of materials, decorative products as well as hardware products targeted to manufacturers and residential and commercial woodworkers. For Richelieu, this transaction represents additional sales of more than $30 million on an annualized basis.
PJ White's operations are fully compatible with those of Richelieu. Through this acquisition, the Company strengthens its presence in Western Canada by integrating four new distribution centres into its network, benefiting from the new team's expertise and adding new products and a new customer base.
Richelieu also announces it has signed new agreements for three upcoming acquisitions. With the six acquisitions closed since the beginning of 2010 and the transactions underway, the Company is expected to increase its sales by some $90 million on an annualized basis.
Profile as at November 30, 2010
Richelieu is a leading North American distributor, importer and manufacturer of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, furniture, and window and door manufacturers plus the residential and commercial woodworking industry, as well as a large customer base of hardware retailers, including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers around the world. Its product selection consists of more than 70,000 different items targeted to a base of some 50,000 customers who are served by 58 centres in North America - 34 distribution centres across Canada, 22 in the United States and two manufacturing plants in Canada, specifically Cedan Industries Inc. which specializes in the manufacture of a wide variety of veneer sheets and edgebanding products, and Menuiserie des Pins Ltée which manufactures components for the window and door industry and a broad selection of decorative mouldings.
Certain statements contained in this press release may constitute forward-looking statements within the meaning of securities legislation. Richelieu's management would like to point out that, by their very nature, forward-looking statements involve a number of risks and uncertainties such that the Company's actual and future results could differ materially from those indicated. There can be no assurance as to the materialization of the results, performance or achievements as expressed in or underlying the forward-looking statements. Unless required to do so pursuant to applicable securities legislation, Richelieu's management assumes no obligation as to the updating or revision of the forward-looking statements as a result of new information, future events or changes.For further information:
Richard Lord, President and Chief Executive Officer
Alain Giasson, Vice-President and Chief Financial Officer
Tel: (514) 336-4144 www.richelieu.com