Calder Capital, LLC is thrilled to announce the acquisition of The Bolt Bin, West Michigan Technical Supply, and Clear Vision Inspection by investment partners Jordan and Travis Vander Kolk!
Grand Rapids, MI – Calder Capital, LLC is pleased to announce that it served as the exclusive financial advisor to B&L Bolt, Inc. and Slip-On Lock Nut, LLC (“B&L” or the “Company”) in its sale to Colony Hardware Corporation (“Colony”), a portfolio company of Boston-based Audax Private Equity.
With locations in Grand Rapids and Kalamazoo, Michigan, B&L Bolt is a value-added distributor of strut, fasteners, power tools, and other supplies to construction and industrial customers. The Company was founded in 1986 and primarily services electrical and mechanical contractors and manufacturers.
Founded in 1985, Slip-On Lock Nut is a distribution company that produces specialty nuts that can be positioned on threaded rods at any point and locked in place. The Vander Ploeg brothers, Mark Vander Ploeg and Dave Vander Ploeg acquired B&L Bolt from its founder in 2009 and Slip-On Lock Nut in 2012, also from its founder. Mark assumed the President role with financial overview, and Dave assumed the Vice President role leading the sales team.
Colony Hardware Corporation, a portfolio company of Audax Private Equity, is a leading direct-to-jobsite distributor of tools and equipment to contractors serving commercial, institutional, industrial, mixed-use, and public infrastructure end markets headquartered in Orange, Connecticut.
B&L and Slip-On Lock Nut will operate under a parent holding company with its management team working in partnership. Dave Vander Ploeg will retain a stake and continue to support Colony’s partnership through the transaction. The combined platform will provide customers with a broad portfolio of construction tools and supplies, industrial supplies, and equipment, and is seeking additional acquisitions in the construction and industrial distribution space.
With the business on solid footing, the Vander Ploeg brothers decided in 2022 that they would set forth on a transition plan that included finding a partner for the long-term success of the business. They selected Calder Capital to serve as their exclusive financial advisor/investment banker in the transaction.
“I don’t think this process could have gone more quickly or smoothly. We are very grateful for Garrett at Calder Capital. He guided the parties with accuracy and positivity. We are excited to work with Colony Hardware. They have been enjoyable to work with through the acquisition. The teaming of companies is a wonderful fit for our people, and our company cultures dovetail nicely. We are well positioned to serve customers and expand our offering,” commented Dave Vander Ploeg.
“From start to finish, Calder managed an efficient and well-thought-out process. We were anticipating the sale process could take eight to 10 months, but we found the perfect buyer in Colony after a well-run process by Calder Advisor Garrett Monroe – and we executed the transaction in less than four months. Garrett produced 18 IOIs, and we felt we secured the best LOI with Colony and the best strategic and cultural fit when comparing all our other options. Garrett was professional, responsive, and had our best interests in mind every step of the way. We are exceptionally pleased with the transaction outcome and Calder’s guidance throughout the process,” stated Mark and Dave Vander Ploeg. “We would recommend Calder Capital and Garrett Monroe to any seller of an industrial supplies business seeking a successful sale.”
Garrett Monroe, Calder Capital M&A Advisor, commented, “Mark and Dave bought B&L Bolt when it was much smaller, and they have grown it to over $10M+ in sales. Mark, Dave, and B&L Bolt, combined, are a wonderful example of how sticking to business fundamentals —culture, integrity, customer service, and investing in people — pays off. Mark and Dave operated with integrity and were excellent to work with. Colony Hardware is a name I have known for a while, and they are a force in the construction and industrial distribution industry. Colony has a fantastic reputation, and I thoroughly enjoyed working with the Colony and Audax team. B&L will be in good hands. I am excited to stay in touch with Dave to see how his role evolves and grows within Colony. We are honored to have advised B&L on this transaction, and we look forward to following the Company’s continued future growth.”
Max Friar, Calder’s Managing Partner, commented, “A big congratulations to B&L Bolt, Colony, Audax, and Calder. All of the parties were incredibly professional and responsive throughout the process. Advisor Garrett Monroe has demonstrated his grit and leadership once again, managing a complex transaction with multiple parties with precision and integrity. I am proud to say that Calder Capital has yet again produced a record year. While the economy faces certain headwinds, Calder’s proven process and M&A infrastructure are well-positioned to continue to break records.”
Calder’s Garrett Monroe led the transaction with assistance from Calder team members Jakob Simonds and Max Friar.
Rhoades McKee PC served as legal counsel to B&L Bolt and Slip-On Lock Nut. Fredrikson & Byron, P.A. provided legal counsel to Colony and Audax on the acquisition.
Thank you to Mibiz.com for covering the acquisition.
About Calder Capital, LLC
Calder Capital, LLC is a lower middle market investment bank providing mergers and acquisitions advisory services to business owners, entrepreneurs, family offices, and investors across the United States. Our dedicated team of professionals combines extensive industry experience, technological innovation, negotiation savvy, and key relationships to exhibit exceptional execution. Calder’s services include mergers and acquisitions advisory, private funds and capital markets advisory, and business valuations. Please see our website at www.caldergr.com for further information concerning Calder and its current opportunities.
“We were ecstatic when we came across this opportunity,” commented Jordan Vander Kolk. “The fastener industry is a staple in the economy, and this three-in-one opportunity we feel gives us a robust platform to build on and go many different directions. We are proud to continue such a great business and are thankful to Tim Irwin for establishing such a successful company.”
Jordan has served as President of Artisan Medical Displays for almost a decade. He has an extensive background in commercial banking, and in working in this area through the recession of 2008, he has a competitive knowledge of what industries do well under pressure. Combining his skillset with Travis Vander Kolk’s experience as President of Process Engineering & Equipment Company of Comstock Park, Michigan, the two make for a highly effective partnership.
Travis stated, “We are very satisfied with the entire staff at Calder Capital. Working with their team members on a tight timeline created some logistical and time-sensitive issues. Their coordination of the process was a benefit to both the sellers and ourselves. In future opportunities, we would certainly consider their assistance.”
Commented the seller, Tim Irwin, “After running [the Companies] for going on fifteen years, I felt it was time to move into the next phase of life. I’m not the type to want to work 80 hours per week until I’m dead. Travis and Jordan have great experience and a youthful energy. I couldn’t be more pleased with the outcome and satisfied that Calder Capital paired us with the right buyers. I would happily refer all fastener and industrial distribution companies to Calder Capital because of my extremely positive experience with them. While there were certainly ups and downs in the selling process, Calder ran a very efficient process, introduced multitudes of qualified buyers, helped me through negotiations, due diligence, and legal review, and allowed us to close on time and only a few months after we put the business on the market!”
Garrett Monroe and Ghazey Aleck, Mergers and Acquisitions Advisors at Calder Capital, LLC, were the lead advisors on the transaction, working closely with Tim Irwin to find the right buyer and see that the deal was made to the satisfaction of all parties. “In my opinion, this was the deal of the year in 2020,” said Garrett Monroe. “We got this deal done in less than two and a half months–that’s crazy! We also obtained an all-cash offer, and I am confident that the Vander Kolk brothers will take these three companies to the next level.”
The deal closed on New Year’s Eve of 2020, rounding out Calder Capital’s record-breaking year with an even 40 successfully closed transactions. “As I’ve stated publicly, my heart sank in March 2020,” stated Max Friar, Managing Partner. “Momentarily, I felt that all of our momentum would be lost. I couldn’t have been more wrong and I cannot believe the energy, focus, and resiliency that our team, our clients, and buyers have demonstrated. I am the proudest I’ve ever been in what we have accomplished and I’m looking forward to crushing 2021 surrounded by friends and colleagues of the most incredible caliber and integrity that I’ve ever known!”
Calder Capital, LLC, served as the exclusive Mergers and Acquisitions partner to The Bolt Bin, West Michigan Technical Supply, Inc., and Clear Vision inspection.
