Portfolio Company News
     
    June 10, 2015, Thursday

www.CRP.com

 

CRP completes acquisition of Craftsman Hardware Co., Inc.

(Northvale, NJ)- CRP is pleased to announce its acquisition of Craftmaster Hardware Co., Inc. ("Craftmaster"), a leading distributor of security hardware, locks and locksmith supplies to hospitals, universities, school districts, federal, state and local governments as well as prisons and jails.

Headquartered in Northvale, NJ, Craftmaster has been a family owned and operated business for nearly 70 years. As part of this transaction, Timothy Grogan has joined Craftmaster as the CEO. Prior to Craftmaster, Timothy held leadership roles at other distribution businesses like VWR International and Macalaster Bicknell. Michael Spingeld, the former majority owner, will remain with the Company as a consultant and as a member of the Board of Directors.

CRP partnered with Cincinnati, OH based Northcreek Mezzanine Fund II ("Northcreek") to successfully close the acquisition of Craftmaster. Northcreek provided mezzanine financing as well as an equity co-investment. And throughout the entire process, Northcreek proved to be a very helpful and collaborative partner.



 

 

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