Review of Richelieu Hardware

MAY 04, 2023 - RCH has established itself as a market leader in the specialty hardware distribution space across North America through continuous successful acquisitions and integrations. The company has demonstrated its ability to locate and acquire distribution centers that add value to its existing network of centers. The company’s valuation has contracted to levels that we feel are appropriate, and in an improving market environment, we envision RCH’s acquisition strategy as continuing to pay off. Initiating coverage at a ‘B+’.