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A bankruptcy court decision Thursday put Greenwich, Conn.-based investment firm Littlejohn & Co. a step closer to acquiring and recapitalizing wholesale distributor Handy Hardware.
The transaction is expected to close during the week of Aug. 5, and Doug Miller, former president of Jensen Distribution with more than 45 years of hardware distribution experience, will serve as Handy Hardware’s interim Chief Executive Officer.
Handy Hardware, which currently distributes its products to more than 1,000 retail hardware stores in nine states located primarily in the southern U.S., will still hold its dealer market Aug. 15-17 in San Antonio, he said.
Littlejohn Managing Director Steven Raich said Miller 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.
“Handy Hardware provides critical value to independent, single and multi-store hardware customers, and with this transaction it will have a solid financial foundation from which to build a stronger future,” he said.
