Construction and Industrial Supplies Distributor B&L Bolt Acquired by Colony Hardware Corporation, a Portfolio Company of Audax Private Equity

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 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 for further information concerning Calder and its current opportunities.

Posted in , ,

Receive new business-for-sale notifications instantly!

Subscribe to receive new opportunities!

For the next two questions hold CTRL or SHIFT to multi-select