Home Hardware Center is preparing to expand its 18-store footprint in Mississippi and Louisiana, according to the company's owners, who say they are looking to bring acquisition expertise to a new venture called Central Network Retail Group (CNRG).
Jimmy R. Smith, president of Natchez, Miss.-based 18-unit Home Hardware Center, and Boyden Moore, the former CEO of Leeds, Ala.-based Marvin's Home Centers and currently president of Tyndale Advisors, are the creators of the new CNRG. The Mississippi-based retail management and operations company -- with initials that reflect the word "synergy" -- will initially own and operate the Home Hardware Center chain.
Moore said the new company will not only help with growing the chain, it will also help with the long-term transition prospects for other family-held businesses. “We established CNRG to provide an opportunity for an orderly transition of family ownership by independent hardware and home center owners who are currently facing the challenges of succession and generational transfer,” he said.
The two home center veterans said that plans are in place for Home Hardware Centers to expand beyond Mississippi and Louisiana. According to Smith, “We have the financing in place to fund our current growth plans with Home Hardware Center, but we are also looking for opportunities to partner with good operators to grow multiple retail chains and store formats under the right circumstances.”
CNRG will be jointly owned by Home Hardware Center and Tyndale Advisors.