BOSTON & SAN FRANCISCO, February 9, 2026 -- Audax Private Equity (“Audax”), a capital partner for middle and lower middle market companies, announced today it has completed the sale of Colony Hardware (“Colony” or “the company”), a direct-to-jobsite distributor of construction materials and jobsite supplies servicing specialty and general contractors. Audax sold Colony to White Cap, a leading distributor of specialty construction supplies and safety products for professional contractors. The terms of the transaction are not disclosed.
Based in Orange, Conn., with more than 1,100 employees as of December 2025 Colony offers contractors an on-demand, one-stop-shopping experience with a comprehensive product portfolio, intent focus on customer service, and jobsite delivery model. Colony operates across 19 states in the Central and Eastern United States, as well as Texas, and has established a reputation for flexible and responsive service to contractors and jobsites across multiple end markets including commercial, mixed-use, institutional, industrial, and public infrastructure.
“I think the Audax Private Equity team deserves credit for identifying the potential in Colony, and realizing that vision through investing in our people and operations, and providing strategic support for our M&A and organic growth strategy,” said Larry Stoddard, Chief Executive Officer of Colony. “Partnering with White Cap represents an incredible opportunity to serve our customers with an expanded product set, new services and technical solutions, and a broader network of locations, offering even more convenience and value-added capabilities.”
Audax Private Equity acquired Colony in November 2018. Audax’ investment focused on enabling growth through building out the company’s C-Suite and operational infrastructure; strengthening its positioning as a regional market leader through investments in Colony’s digital strategy and branch-level operations; creating value through a “Buy & Build” approach that coupled thoughtful M&A growth with greenfield expansion, and the disciplined execution of the Audax Value Agenda across each phase of the investment lifecycle.
Under Audax’ ownership, Colony completed 16 add-on acquisitions and opened eight greenfield locations, approximately doubling the company’s network of branches and the number of states in which Colony operates.
“We believe this is a tremendous outcome, not just for Audax, but for our investors, Colony, its employees, and Colony’s customers,” noted Young Lee, Partner and Co-President of Audax Private Equity. “This investment also represents a compelling example of the Audax Value Agenda at work. Our investments in the business and close collaboration with the management team instilled alignment around a shared vision for growth and we systematically executed on a blueprint to achieve our objectives for the business and positioned Colony as a strategic, valued asset. We’re looking forward to watching Colony’s continued growth under White Cap and anticipate the combination will serve the companies and their customers well.”
“This investment capitalized on many of the resources our portfolio support team can offer,” added Asheesh Gupta, a Managing Director in Audax Private Equity’s Strategic Resources Group. “During our ownership, Colony required a significant modernization of its IT systems and infrastructure and navigated unexpected challenges, ranging from the global pandemic to supply chain disruptions felt across the company’s vendor base. We collaborated closely with the Colony team to position the company on the front foot through investments in data, technology, and digital capabilities that allowed the company to navigate a dynamic market and reinforced Colony’s value proposition as a dependable and responsive vendor clients can trust for fast, reliable service.”
The sale of Colony represents the first exit for Audax in 2026, coming on the heels of a year in which the firm completed nine realizations (including one partial exit) through sales across its Flagship and Origins strategies in 2025.
Jefferies & Co. and Lincoln International served as financial advisors to Audax and Colony, while Ropes & Gray and Fredrikson & Byron served as legal counsel.
AUDAX PRIVATE EQUITY:
Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity is a leading private equity platform focused on investing across the North American middle market. Our objective is to accelerate value creation through our Buy & Build strategy and the Audax Value Agenda™, a holistic framework that seeks to create, enable, and protect value across every stage of the investment lifecycle. As of January 2026, Audax Private Equity had approximately $19.5 billion of assets under management and, since inception in 1999, has invested in more than 180 platforms and more than 1,400 add-on acquisitions. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.
ABOUT COLONY:
Colony Hardware is a leading route-based specialty distributor of construction materials and jobsite supplies to contractors serving the commercial, mixed-use, institutional, industrial, and public infrastructure markets. Contractors rely on Colony for fast delivery of products directly to the jobsite.
