Hillman Solutions Corp. Expands with Intex DIY Acquisition
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Hillman Solutions Corp. Expands Position in Cleaning Products
CINCINNATI - Hillman Solutions Corp. (Nasdaq: HLMN), a leading provider of hardware products and merchandising solutions, has announced its acquisition of Intex DIY, Inc., a premier supplier of wiping cloths, consumable rags, and other cleaning textiles. This strategic acquisition enhances Hillman's Protective Solutions (PS) business and showcases its commitment to diversifying its product portfolio.
Overview of the Acquisition
The acquisition signifies a pivotal enhancement for Hillman's existing product range, which already includes popular work glove brands such as Firm Grip, Gorilla Grip, Grease Monkey, AWP, and Digz. Additionally, Hillman recently announced a collaboration with Kontoor Brands to introduce work gloves under the renowned Wrangler brand, expected to launch in 2025.
About Intex DIY, Inc.
Established in 2005, Intex DIY has earned a reputation for its innovative and patented products, solidifying its position in the cleaning rag market. The company offers a comprehensive range of high-quality and performance-oriented products tailored for home improvement, painting, general cleaning, maintenance, as well as auto and marine care projects. Hillman projects that Intex will generate approximately $55 million in revenue for the year following the acquisition.
Comments from Leadership
Doug Cahill, Chairman, President, and Chief Executive Officer of Hillman, expressed enthusiasm for the acquisition, stating, "Intex brings a robust assortment of products in the cleaning category and will be a valuable addition to Hillman. We are poised to leverage our resources for effective sales and service of this new product line, aiming to enhance our offerings for both new and existing customers. We are excited to integrate the Intex team into the Hillman family."
Strengthening Market Presence
This acquisition bolsters Hillman's footprint in the cleaning products sector, where it has established a diverse offering of gloves serving a wide range of customers across North America. Similar to Hillman, Intex takes pride in its dedication to customer satisfaction, evidenced by an impressive 98 percent fill rate with its top ten customers, many of whom have been served for an average of nearly 15 years.
Previous Acquisitions
Notably, the Intex acquisition marks Hillman's second significant purchase in 2024, following the acquisition of Koch Industries, a leading provider of rope, twine, and related hardware products, completed in January. These opportunistic acquisitions are integral to Hillman's long-term growth strategy.
Financial Details of the Transaction
The financial specifics surrounding the transaction remain undisclosed. However, it is noteworthy that Hillman's subsidiary, Big Time Products, LLC, is the entity managing Hillman’s Protective Solutions business, which facilitated this acquisition.
About Hillman Solutions Corp.
Founded in 1964 and headquartered in Cincinnati, Hillman Solutions Corp. is recognized as a premier provider of comprehensive hardware solutions in North America. The company stands out for delivering exceptional customer service to over 46,000 retail locations. As Hillman celebrates 60 years of service, it continues to embody strong values, an innovative culture, and a commitment to providing a "small business" experience with "big business" efficiency. Hillman specializes in designing innovative products and merchandising solutions that enhance the customer experience across diverse market segments, including home improvement centers and mass merchants.
Frequently Asked Questions
What is the significance of Hillman's acquisition of Intex DIY?
The acquisition enhances Hillman's product offerings in the cleaning category and strengthens its market presence, especially in protective solutions.
What products does Intex DIY specialize in?
Intex DIY specializes in consumable rags, wiping cloths, cleaning textiles, and innovative cleaning supplies aimed at various sectors including home improvement and janitorial applications.
When is the new Wrangler brand work glove expected to launch?
The Wrangler brand work glove collaboration is anticipated to launch in 2025.
How has Intex demonstrated its customer commitment?
Intex boasts a 98 percent fill rate with its top ten customers, reflecting its reliability and customer-centric approach.
What other acquisitions has Hillman made recently?
Hillman completed another acquisition earlier in 2024, acquiring Koch Industries, which strengthens its portfolio in related hardware products.
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