AmesburyTruth Buys Ashland HardwareMarch 8th, 2018 by Trey Barrineau
Tyman PLC, the U.K.-based parent company of U.S. hardware maker AmesburyTruth, has purchased Texas-based Ashland Hardware for $101 million. Tyman says Ashland will be fully integrated into AmesburyTruth.
“We are very excited about the opportunity to expand our product portfolio and manufacturing footprint,” said Mike McCann, senior vice president of sales and marketing at AmesburyTruth. “Ashland Hardware solutions compliment the AmesburyTruth product portfolio and will position us well to serve our customers with continued success across North America.”
The company says the acquisition will broaden AmesburyTruth’s patio door, hinged window, and hung/sliding window product portfolios. The latter represents about 70 percent of all window openings in the U.S. residential market.
“The acquisition of Ashland represents a strategic opportunity to expand our residential hardware offering in North America,” said Louis Eperjesi, Tyman’s CEO. “Ashland offers an excellent fit with our AmesburyTruth business with its established customer relationships and strong product offering. On behalf of the board, I am pleased to welcome Ashland’s management and employees to the group.”
Tyman says the purchase of Ashland should bring revenue benefits of at least $4 million a year starting in 2020. The company says those benefits will be realized through the consolidation of surplus offices and facilities; the elimination of duplicate administrative overheads; the alignment of sales and marketing resources; co-ordination of third-party sourcing, freight and logistics; and sharing of best practice between AmesburyTruth and Ashland.
Ashland was founded in 1932. The company had been owned by private-equity firm Nova Capital since 2013.
“First of all, we’re appreciative at Ashland of the four and a half years of positive support we had under Nova Capital ownership,” said Bob Burns, president of Ashland Hardware. “The Ashland team is now ready and eager to join forces with AmesburyTruth. We fully intend to do our part to support Tyman PLC and the North American window and door industry as we all move forward together. We believe this transaction speaks very well to the quality of our people and their continuing commitment to our customers.”