A. H. Harris Completes Recapitalization
WEST HARTFORD, CT A. H. Harris, a leading distributor of construction supplies and equipment, announced it has completed a recapitalization of the company in partnership with Frontenac, a leading private equity firm focused on investing in the lower middle market. Financial terms of the private transaction were not disclosed.
According to President and CEO Kimberly Corwin, the recapitalization will support the company's future growth plans. "Our company goal for 2015 is to continue driving strong growth, organically and through acquisition," said Corwin. "Our new partnership with Frontenac and the access to strategic insight and additional capital will be valuable in executing our ambitious expansion plans in 2015 and beyond by growing our team of associates, expanding our base of products, and capitalizing on market expansion opportunities."
Joining the Board of Directors, as Chairman, is Frontenac CEO1ST Executive Partner and 30-year industrial distribution veteran Joe Eichelberger, who is the former CEO of Industrial Controls, a distributor of industrial automation products and HVAC components. Previously, Eichelberger spent many years in senior roles with Daikin-McQuay International, Siemens Building Technologies, and Johnson Controls. He currently serves as a Board Member at Ohio Transmission Corporation, Galco Industrial Electronics, and Kele.
"This announcement marks the beginning of an exciting new chapter for A. H. Harris," said Eichelberger. "We look forward to partnering with management to enhance the culture of customer service, teamwork, and high performance that A. H. Harris has established over the past 100 years. We are excited to assist in building the next stage of growth initiatives to become the industry leading platform for specialty construction distribution."
Frontenac has a long and successful history of investing in industrial distribution businesses, including Ohio Transmission Corporation, GNAP LLC, H-E Parts International and Sigma International, among others.
"Frontenac's acquisition of A. H. Harris is consistent with our history of investing in industrial distribution businesses with leading franchises that are poised for substantial growth," said Michael Langdon, Managing Director at Frontenac. "Frontenac is the ideal partner for the next stage of the company's growth due to our strategy of bringing seasoned outside talent to the company, and our track record of successfully building industrial distributors to their next level of growth and profitability. We will support A. H. Harris as it continues its demonstrated organic growth trajectory and its pursuit of strategic and complementary acquisitions."