sept-2017c

64 65 the company was a 58.1-percent subsidiary of GraceKennedy Ltd., and was listed on the Jamai- can Stock Exchange. Much has changed since then, including ownership, as Hardware & Lumber Ltd. sets sights on a bright and pros- perous future. In the following excerpts from a recent phone interview, Lloyd Distant, current CEO of Hardware & Lumber Ltd., brings us up to date on significant changes to the business structure, a vibrant rebranding campaign, and the company’s renewed commitment to cus- tomer satisfaction. BVC: How did the Hardware & Lumber Ltd. change of ownership come about? LD: “During the year 2015, the public in Ja- maica was hearing about an acquisition about to take place. It was no big secret that Grace Kennedy would be interested in selling Hard- ware & Lumber should the right purchaser come along. “A company called Argyle Investments (princi- pal shareholder Joe Bogdanavich) looked at the Hardware & Lumber opportunity and decided to pursue acquisition.They negotiated through- out 2015, did their due diligence, and struck a deal to buymajority shares in H & L Ltd.The HARDWARE & LUMBER LTD. deal was closed in December 2015.Argyle Investments currently owns just over 98% of the shares.A couple of minor shareholders have the difference. “One of the most pleasing things for Argyle is that they kept a lot of the team on the board. There was significant continuity in terms of ex- ecutives,middle management, and the staffing of the organization. In fact,many keymembers of the Board remained on- Irving Berton,who had been a long-standing leader within the Grace Kennedy Group and chairman of H & L Ltd., continued as Chairman under Argyle.A few other people were brought in during 2016; in December the CEO left, and I came on board on January 2, 2017. “The year 2016 had a lot happening.H & Lwas acquired in the middle of the year, and around May/June it was delisted from the Stock Exchange.The company began quite a bit more investment in people, as well as in the plant and equipment.We did two major upgrades in the stores in 2016, and a different type of engage- ment between the Board and the employees began.An employee event was held early on, just around Christmas.The Board really did a lot throughout the year to engage directly with the staff. Store visits, among other things. So, the shareholders, and the Board, and the staff began to get a lot closer together during 2016.”