Canada’s largest farm and ranch retailer has become even bigger.
Peavey Industries LP, which has its corporate office located in Red Deer, as well as roots in the city, announced the acquisition of Ace Canada banner Tuesday.
Peavey Industries LP is the parent company of TSC Stores, Peavey Mart and MainStreet Hardware.
Effective Friday, the company will own the master license to Ace Canada.
The newly acquired brand consists of 107 stores under Ace Hardware, Ace Country & Garden and Ace Building Centre banners. These stores will all continue to operate under their existing banners, and, as such, customers can expect to see minimal changes to the high standard of service and products.
“Ace Canada is a natural extension to Peavey Industries for a number of reasons: we relate strongly to their dedication to ‘local and loyal’, we appreciate their commitment to providing value to customers and we mirror their devotion to excellence in customer service,” said Doug Anderson, Peavey Industries president and CEO.
“Also, it is a great opportunity for us to serve new markets with the addition of this great brand.”
The deal gives the Western Canadian company further reach to sell its own product in British Columbia, Quebec and New Brunswick.
“Now we can provide product, our product, to the Ace branded stores – (customers will have access to) both our products, as well as products that are Ace branded,” Anderson explained.
As a result of the acquisition, the company plans to hire support staff in central Alberta, as well as in Ontario. Anderson expects the company’s two distribution centres in central Alberta and London, Ont., to be busier.
“Peavey Industries is truly Canadian owned and operated, independent retailers out there … so it’s a great growth story,” said Anderson, adding the company’s store network has existed since 1967.
“It’s one positive in the face of a lot of other challenges that face central Alberta’s economy and Alberta as well, and Western Canada.”
Supporting three retail brands with 92 stores across five provinces, Peavey Industries LP’s corporate head office is located in Red Deer with a regional office in London, Ont. Both locations house large-scale distribution centres executing west and east fulfillment.
Ace International is working closely with Peavey Industries to ensure the least amount of disruption to the brand’s dealer network throughout this transition.
Jay Heubner, Ace International president and GM, said this is an “exciting new chapter” for the company.
“We are thrilled to team up with Peavey Industries, an organization that shares our values and has a strong commitment to service and community,” said Heubner.
“We’re confident Peavey Industries will provide the independent Ace retailers the best service and support to help them succeed and ensure the continued growth of the Ace Hardware brand in Canada.”