During the fourth quarter of 2020, BBX Capital, Inc. announced that Renin Holdings LLC (“Renin”), its wholly-owned subsidiary, and a CHHMA member, which manufactures and distributes sliding doors, door systems and hardware, and home décor products, had acquired substantially all of the assets and assumed certain of the liabilities of Colonial Elegance for a purchase price of approximately USD $39.0 million before adjustments for working capital.

Headquartered in Montreal, Canada, Colonial Elegance, also a CHHMA member, is a supplier and distributor of building products, including barn doors, closet doors, and stair parts, and its customers include various big box retailers in the United States and Canada which are complementary to and expand Renin’s existing customer base. 

“We are pleased to announce our acquisition of Colonial Elegance and believe it is an excellent fit for our Renin vertical,” commented Jarett Levan, CEO of BBX Capital. “Renin has had success in its manufacturing and distribution of closet doors and barn doors throughout North America, and we believe the addition of Colonial Elegance will allow Renin to expand into new markets and geographic areas.”

Joseph Ruffo, CEO of Renin, also commented, “We believe the combination of these two businesses will establish Renin as a leader in barn doors and closet doors, support the expansion of the growing door hardware and stair parts business, and provide a promising avenue for continued growth. In addition, we believe that the increased scale of the combined businesses will result in better overall service and selection for our customers and improved logistics and cost efficiencies for Renin. We are delighted to promote the Renin and Colonial Elegance brands throughout our distribution channels and welcome the Colonial Elegance associates to the Renin family.”

About BBX Capital, Inc.: BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (formerly a subsidiary of BBX Capital Corporation) is a Florida-based diversified holding company whose principal investments include BBX Capital Real Estate, BBX Sweet Holdings, and Renin. For additional information, please visit www.BBXCapital.com.

About Renin: Headquartered in Ontario, Canada, Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its two manufacturing and distribution facilities in the United States and Canada. In addition to manufacturing its own products, Renin also sources products and materials from China and Vietnam. Renin’s products are sold through three channels in North America: retail, commercial, and direct installation in the greater Toronto area. For additional information, please visit www.Renin.com.

 

 

 

Source: Renin