PART1: Richelieu Hardware: Consolidator of a fragmented industry

Serial acquirer and North American's leading distributor, importer and manufacturer of speciality hardware (kitchen cabinet, furniture, door, etc.) is priced attractively at only 12 times earnings.

All figures in this article are in canadian dollars

The article constitutes my personal views and is for entertainment purposes only. This is not an investment advice. Please refer to the disclaimer at the end of this article for more details.

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Part 2 and Part 3 on Richelieu is also available

https://wintergems.substack.com/p/part2-richelieu-hardware-risk-factors

https://wintergems.substack.com/p/part-3-richelieu-hardware-valuation

Richard Lord, 32 years at the helm

In 1988, when Richard Lord became the new CEO, Richelieu hardware was a regional distributor of speciality hardwares with $28 million of sales and 2 warehouses in Montreal. This distributor, like hundreds of its peer…