Keystone Capital, Inc. (“Keystone”) is pleased to announce it has completed an investment partnership with KENDELL Doors & Hardware, Inc. (“KENDELL” or “the Company”), a value-added distributor of door openings, door hardware and related access control products for institutional and commercial applications in the built environment.
Operating over a history spanning nearly 80 years, KENDELL is a leading door opening solutions specialist in the Minneapolis/St. Paul metropolitan market. KENDELL provides a host of value-added services, including design, specification, engineering, installation, inspection and pre-installation services to its client base of leading general contractors and institutions. In addition to its Minneapolis headquarters, KENDELL has established regional domestic offices in Winona, MN; Rochester, MN; Mankato, MN; Madison, WI; and Des Moines, IA. KENDELL also recently established a global initiative with the launch of Kendell International, operating out of offices in Dubai, UAE; Muscat, Oman; and Doha, Qatar. For more information on KENDELL, please visit www.kendelldrs.com.
“Our partnership with Keystone could not have been consummated at a more opportune time,” noted John Katter, CEO of KENDELL. “We believe there is great opportunity for further growth and consolidation in the global security and access control market, and that KENDELL is well positioned to play a leadership role in this consolidation. With the long-term, patient and unique model that Keystone contributes to our organization, we will be even better positioned to capitalize on these trends.”
To complement its organic growth plans, KENDELL announced the acquisition of Washington Architectural Hardware (“WAH”) in April 2019. The acquisition of WAH expands KENDELL’s reach into the fast-growing Pacific Northwest region and complements product offerings.
“Without a doubt, Keystone is looking forward to our partnership with John Katter and the team at KENDELL,” commented Jason Van Zant, Managing Director of Keystone Capital. “We, John, and the rest of his team see a substantial opportunity to build a leader in this industry utilizing actionable organic growth initiatives as well as targeted strategic acquisitions.”
Keystone and KENDELL will be actively seeking acquisition opportunities in the security door/door hardware distribution industry as well as in the electronic access control/integration industry. Parties with knowledge of potential investment opportunities in these segments are encouraged to contact Keystone Capital.
Terms of the transaction are not being disclosed. Senior debt financing was provided by CIBC Bank USA and legal counsel was provided by Honigman Miller Schwartz and Cohn, LLP.
Jason Van Zant