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Richelieu strongly started the 2025 fiscal year with five new acquisitions and an increase in sales.
Officials say they are pleased as the first quarter is historically the weakest period of the year and the renovation market conditions remained relatively stagnant during the period.
“Our market development initiatives, combined with contributions from acquisitions, the diversification of our market segments, and our added value of our service offering, contributed to this performance,” said President and Chief Executive Officer Richard Lord. “We made significant progress in the manufacturers’ market, where sales grew by 9.9 percent, including 5.1 percent internal growth, reaching $385.1 million. In the hardware retailers and renovation superstores market, sales remained stable compared to Q1 2024, at $56.6 million.”
Richelieu currently is making “significant investments” to install new in-store displays and add new product lines in order to boost sales to retail customers,” added Lord. “We see these initiatives are starting to bear fruit, with sales growth in this market in Canada.”
Richelieu also completed several acquisitions in the first quarter:
· Mill Supply, on December 1, 2024, in Dartmouth, Nova Scotia and Charlottetown, Prince Edward Island. "This acquisition strengthens our presence in this market and complements our two existing centers in Dartmouth,” said Lord. “In fact, it had long been one of our priorities.”
· Darant Distributing, on January 6, 2025, in Denver, Colorado, allowing Richelelieu to enter the strategic Colorado market.
· Midwest Specialty Products, on January 13, 2025, in Minneapolis, Minnesota. “[This] reinforces our presence in the Minneapolis area,” said Lord, “while also adding product lines such as quartz and other decorative surfaces.”
· Modulex Partition on February 4th, in Hillside, New Jersey. “[This] distributor of Division 10 products enables us to expand our presence in these product categories in the strategic markets of New Jersey and the Greater New York area,” he added.
Subsequent to the first quarter, on April 1st, 2025, Richelieu completed the acquisition of Rhoads & O'Hara Architectural Products, a distributor of architectural panels and related products, in Vineland, New Jersey.
These new acquisitions not only add approximately $50 million in annual sales, but also enhance the Corporation’s presence in strategic markets, diversify its product offering, and create new synergies. In addition, during the quarter, to meet the needs of future growth and continue to deliver top-tier customer service, the Corporation completed its project to consolidate two distribution centres in the Vancouver area into a single 140,000 sq. ft. facility serving the manufacturers’ market.
“Despite the headwinds expected from the tariffs imposed by the US government, Richelieu is well-positioned to navigate these changes, with less than 20 percent of its products imported from China to the U.S. where alternative products are already sourced from other countries," said Lord.
Visit www.richelieu.com for more information.
