Homewerks Worldwide, LLC Acquires Product Lines and Brands from LDR Global Industries, LLC
CHICAGO--(BUSINESS WIRE)--May 9, 2019--Homewerks Worldwide, LLC (Homewerks), a leading innovator in the kitchen, bathroom, and plumbing categories, and LDR Global Industries, LLC (LDR), a long-standing manufacturer and distributor of plumbing products, together announced that they have entered into a definitive agreement for Homewerks’ acquisition of LDR’s faucets, showerheads, bath hardware, valves, and packaged plumbing repair business segments, as well as brand names including LDR.
Under the terms of the agreement, LDR’s acquired business segments and brands will be merged into Homewerks’ product portfolio. The transaction is expected to close within 60 days, by early July 2019.
STZ Industries LLC, the new operating entity for LDR, will continue to service its customers with rough plumbing product lines it will retain, including high quality malleable fittings, nipples, and steel pipes.
Homewerks is excited about the opportunity to further enhance its successful relationships with major home improvement and hardware retailers by offering more complimentary product lines. The company is confident in its ability to provide exceptional customer service and to maintain support of the many items in the Homewerks and LDR product lines without supply chain disruptions.
Peter Berkman, Chief Executive Officer and founder of Homewerks Worldwide, LLC commented, “The LDR acquisition represents another significant step in Homewerks’ expansion strategy. Through our mission to bring innovation, efficiency and quality to every home through superior home improvement products, we have developed strong relationships with our retail partners and manufacturing sources. The deeper foundation of products and brands created by adding LDR’s portfolio will enhance our position as a one-stop-shop in the plumbing and HVAC markets, and will enable Homewerks to better serve and grow with our important retail partners across multiple product categories.”
Through its tiered brand strategy, which includes its own trademarks, as well as licensed brands and retail private brands, Homewerks has established itself as a proven strategic partner for developing, sourcing, and marketing branded products. The acquisition bolsters the company’s brand portfolio by adding several important industry names: LDR®, Exquisite®, and Nature Mist®.
Over time, Homewerks’ has expanded its product assortment, both within core categories and into adjacent categories. LDR’s robust product catalog will allow Homewerks to build on the product launch momentum of recent years and further accelerate growth.
Hillel Tropper, Chief Executive Officer of LDR Global Industries, LLC added, “Under our new company banner, STZ Industries LLC, we will focus on the manufacturing of malleable fittings, nipples and pipe with existing factory sources as well as a new Vietnam facility. Expanding capacity in these important product lines will further strengthen our status as a trusted supplier in the retail and wholesale channels.”
Both Chicago-area privately held businesses with deep roots in the plumbing industry will work closely to deliver a smooth transition for customers and suppliers. Valued customers of both companies will be contacted jointly by Homewerks and LDR sales executives, who will lay out a plan for a seamless transition and to ensure outstanding service standards are maintained. Michael Malaker, Homewerks’ Director of Sourcing, and Michelle Libertore, LDR’s Director of Purchasing, will contact vendors to discuss the transition.
About Homewerks Worldwide, LLC
Homewerks Worldwide, LLC develops, sources, and markets bathroom, kitchen, and plumbing products for home and commercial use under the Homewerks™, Home NetWerks™, Home 2 O™, Tosca®, and Aqua Vista® brand names. Since its formation in 2006, Homewerks has shown consistent sales growth fueled by a proven track record of bringing innovative, efficient, and high quality product solutions to homes. The Homewerks Worldwide executive offices are located at 55 Albrecht Drive, Lake Bluff, IL 60044
About LDR Global Industries, LLC
For more than 80 years, Chicago-based LDR Global Industries, LLC and its predecessor companies have been leaders in the distribution of plumbing products to the home improvement industry. LDR prides itself on expert knowledge of the kitchen, bath and plumbing categories, which allows LDR to manufacture and distribute thousands of items, offer competitive pricing, and provide customized product assortments. The company’s headquarters office is located at 600 N. Kilbourn Avenue, Chicago, IL 60624
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CONTACT: Deborah Holtkamp
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: INTERIOR DESIGN CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Homewerks Worldwide, LLC
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PUB: 05/09/2019 06:06 PM/DISC: 05/09/2019 06:06 PM