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Coventry spends $16m on hardware groups

Coventry Group will acquire the two separate businesses of Cornall Group and Howard Silvers Hardware for a combined purchase price of $16.2 million.
Both businesses are importers and distributors of hardware, components and finished products to the domestic and commercial furniture, cabinet making, joinery and shop fitting industries.
Cornall operates with a network of seven branches with representation in each of the five mainland states of Australia and two in New Zealand. It is anticipated the transaction will settle on December 1.
HSH is a division of hardware wholesaler the SPL Group, which is part of the ITW Group, a US-based company. It has a network of three branches and three sales offices, with representation in each Australian state.
The proposed acquisition does not include the Howard Silvers retail business which services the retail hardware channel. Coventry expects settlement on the acquisition on January 3 next year.
Coventry will invest working capital of $2.8 million in the two businesses.

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