Private equity firm Littlejohn & Co. said on Friday that it will front the acquisition and refinancing of Handy Hardware, a wholesale distributor of hardware products.
The said plan was approved on Thurday by the United States Bankruptcy Court for the District of Delaware and is expected to close on Aug. 5, 2013.
Handyman Hardware, a Houston-based wholesaler, was established 60 years ago and counts 50,000 items in its inventory. It has sold various items to over 1,000 customers.
Steven Raich, Managing Director of Littlejohn, said the transaction will give Handy Hardware another push to retain its previous position as a go-to wholesaler for hardware retailers. For the transaction, the private equity firm named Doug Miller as interim chief executive officer. As a former head of Jensen Distribution, Miller will bring along his 45 years of experience in the industry.
"Doug will be actively involved in the transition to the reorganized company and is identifying a number of opportunities that will immediately enhance the company's operations," Raich said.
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