Ace Hardware Acquires The Grommet
October 5, 2017,
OAK BROOK, Ill.—Ace Hardware Corporation has completed its acquisition of a majority stake in e-commerce startup, The Grommet.
The Grommet display at an Ace Hardware store
The Grommet operates an e-commerce website that markets and sells products created by independent entrepreneurs, also known as Makers. It has discovered and launched dozens of now household brand names, including FitBit, IdeaPaint, OtterBox, SimpliSafe and SodaStream.
“The Grommet has often been called a ‘general store for innovation,’ and Ace is a trusted destination for the goods and services homeowners need to take care of their homes. That is a powerful combination,” said Jules Pieri, co-founder and CEO of The Grommet. “Both companies have a deep heritage of helping local businesses thrive so our values are uncannily compatible. And how fitting is it that our company is named after a humble piece of hardware? There is some destiny at work here.”
Ace Hardware is now the majority, controlling owner of The Grommet, however, both of the company’s original founders, Joanne Domeniconi and Jules Pieri, and their employees, will continue to have some equity ownership of the company. Ace said it intends to provide considerable autonomy to The Grommet and has no plans to change the company’s strategic direction.
Ace Hardware said retail analytics from its stores demonstrate significant value in aligning both physical stores with a digital discovery platform. Current customers of The Grommet visit Ace more than 50 percent more times than the average Ace Rewards customer and spend 2.8 times as much.
Other Articles By Author
Von Tobel Cites Brass Textures Among Top Trends
HFN's DIGITAL EDITION
2017 State of the Industry Report
Cautious Optimism, Mixed Results
Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.
ALSO IN THIS ISSUE:
- TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
- Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
- N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.