TIM-BR MARTS LTD. ACQUIRES CANWEL HARDWARE AND ASSUMES DISTRIBUTION FOR ITS NATIONAL DEALER NETWORK
CALGARY, Oct 4 /CNW/ - TIM-BR MARTS Ltd., one of Canada's largest buying groups for Independent lumber, building material and hardware Dealers, today announced they have entered into an agreement to acquire CanWel Hardware from CanWel Building Materials Group Ltd.
The deal includes two hardware distribution operations in Victoriaville, QB and London, ON plus two Chalifour building material warehouses in Quebec. It also provides TIM-BR MARTS Ltd. ownership of the 'PRO' name plus licensing rights to the 'ACE' brand name in Canada. Financing for the transaction will be provided by HSBC.
"This is a turning point for our Company," said Tim Urquhart, President and CEO of TIM-BR MARTS Ltd. "With this acquisition we will further empower our network of strong independent TIM-BR MART Dealers. They are the leading purchasers of building materials in Canada and now they will be the leaders in hardware as well."
Urquhart noted that the Company plans to welcome all current CanWel Hardware customers, emphasizing the acquisition will not disrupt supply from the four warehouses. "It is business as usual—actually, we aim to be better than usual," he commented.
In business since 1967, TIM-BR MART represents more than 700 Dealer locations across Canada, over $2 billion in annual purchases. TIM-BR MART's focus is to be the buying group of choice for independent retailers, commercial Dealers and manufacturers in Canada by combining their volume and purchasing at the lowest cost, understanding the needs of their Dealers, and offering a menu of value-added services. To learn more about TIM-BR MART, visit www.timbrmart.ca.For further information:
905-671-2424 / 416-457-0587