Ardmore, Penn.-based national plumbing, heating and industrial supply company Hajoca Corp. has acquired Racine-based online plumbing fixture retailer eImprovement.com.
Milwaukee-based investment bank Promontory Point Capital served as exclusive financial advisor to eImprovement.com in the transaction. Hajoca, which has hundreds of locations nationwide, simultaneously acquired eImprovement’s Arvada, Colo.-based wholesale plumbing and hydronic heating product distributor arm, Martz Supply.
Promontory Point assisted eImprovement with a strategic merger with Martz in 2012, and then in exploring strategic alternatives for the combined business.
“It was important to the principals of eImprovement to identify a buyer that would not only understand the technology value of the organization, but also provide the resources and footprint to take the e-commerce segment of the business to the next level. After PPC completed a targeted marketing process to assess the preliminary interest of various financial and strategic parties, the Hajoca Corp. was determined as the best fit with ownership’s growth objectives,” according to Promontory Point.
“Through PPC’s assistance, we were able to complete a transaction that exceeded our growth and strategic objectives,” said Mike Fox, chief executive officer of eImprovement.com.