CANADA - Richelieu, a leading North American importer, manufacturer and distributor of specialty hardware and related products, continued to grow in the third quarter ended August 31, 2022, delivering a solid financial performance in line with previous periods.

Richelieu results reflect the substantial benefits from its acquisition, diversification, and market development strategies in specialized segments that complement its activities.

In this regard, after the quarter ended, Richelieu completed its fourth acquisition since the beginning of the fiscal year, Quincaillerie Deno, a Quebec distributor of specialty hardware products. In addition, they signed indications of interest for three new acquisitions, two in Canada and one in the United States. Combined, this recent acquisition and these transactions in progress would represent some CAD 23 million in additional annual sales.

For the third quarter ended August 31, 2022, sales reached CAD 472.9 million, up 26.7%, of which 15.8% from internal growth and 10.9% from acquisitions. In Canada, sales rose by 14.8% to CAD 279.6 million. In the United States, sales climbed 43.7% (USD) to USD 150.0 million (CAD 206 million) , representing 41% of total sales.

EBITDA increased by 23.8% to CAD 79.2 million and the EBITDA margin stood at 16.7%. Net profit rose 19.6% to CAD 46.4 million.

In order to further seize and create growth opportunities in the short and long term, Richelieu is pursuing several expansion projects in the United States where it currently operates 57 strategically located distribution centers.