Management Buys Ultra Hardware Products L.L.C. from Shapes/Arch HoldingsL.L.C.
Wells Fargo Business Credit led the financing of the deal along with a private investor
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FOR IMMEDIATE RELEASE
Pennsauken, NJ, Jan. 5 - Management of Ultra Hardware Products L.L.C., led by the company’s president, Daniel Carpey, successfully completed a buy-out of this business effective December 31, 2008. Mr. Carpey teamed up with Dajalis Ltd of Montreal,Canada, a private investment firm owned by Harvey Blatt, and Wells Fargo Business Credit who provided the credit facility to secure the transaction. The company was previously owned by Shapes/Arch Holdings LLC. The amount and details of the transaction were not disclosed.
Mr. Carpey and his management team have over 45 years of combined experience working at Ultra Hardware Products, and Carpey has a vision to grow Ultra Hardware Products even in this tough economy. “This is something that I have wanted to do for years, and I am happy for our employees, vendors and customers that it has finally happened. Ultra Hardware Products has endured a lot this past year, but our team has been able to sustain itself through the storm, not lose market share and best of all, secure new business for our future,” Carpey commented.
The economic pressures from the end of 2007 through 2008 will continue to challenge the company into 2009. “The economy continues to be a concern for the home improvement, renovations and new construction industries that Ultra Hardware Products services, but our diverse customer base and product lines place Ultra Hardware Products on solid ground,” Carpey stated.
To help bolster sales and to create efficiencies, Ultra Hardware Products is seeking strategic alliances. Most recently, Ultra Hardware Products teamed up with FASCO Ltd, also owned by Dajalis Ltd, to create a marketing and sourcing alliance that provides hardware products to the window and door industry. “Using FASCO’s OEM distribution and manufacturing capabilities along with Ultra Hardware Products’sales and sourcing strength will be a great value to our businesses,” commented Mr.Blatt, owner of Dajalis.
Ultra Hardware Products will continue to operate out of its headquarters facility in Pennsauken, New Jersey, which currently employs 87 people, including 20 from Teamsters Local 837 and 10 in Ultra Hardware Products’office in mainland China.
About Ultra Hardware Products
Ultra Hardware Products is a leading importer and distributor of hardware serving the DIYmarket and the OEM window and door industry. Ultra Hardware Products is known as the premier value brand for its locksets, builder’s hardware and decorative hardware marketed under the brand names Ultra Hardware, Westmore®, Ultra Security, ShieldSecurity® and Designer’s Edge™. Its national customer base includes many regional chain stores and home centers, lumber yards, distributors, industrial supply catalogs and some of the top 100 window manufacturers.
About Dajalis Ltd.
Dajalis is a privately owned investment company. Over the past several decades, Dajalis has owned, operated and sold manufacturing based companies in the building products industry. The companies range in size from $10 million to $100 million in annual sales. In 2007, Dajalis sold its interest in Qzip Diecast Inc, a leading producer of shower stalls to Dynacast, the world’s largest die-caster.