OpenGate Capital Completes Final S&G Transaction, Sells Delaney Hardware
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 13 2026
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Should l Buy HLMN?
OpenGate Capital announced that its portfolio company Sargent and Greenleaf has completed the sale of Delaney Hardware to Hillman Solutions. The transaction represents the final step in OpenGate's multi-phase realization of S&G. "We are pleased to have completed the full realization of S&G through a series of transactions with strategic buyers," said Andrew Nikou, Founder and Managing Partner at OpenGate. "The sale of each business unit to strategic acquirers reflects the positioning of the businesses and the work completed during our ownership."
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Analyst Views on HLMN
Wall Street analysts forecast HLMN stock price to rise
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 8.870
Low
10.00
Averages
13.05
High
15.00
Current: 8.870
Low
10.00
Averages
13.05
High
15.00
About HLMN
Hillman Solutions Corp. is a provider of hardware-related products and related merchandising services to retail markets in North America. It operates in three segments. The Hardware and Protective Solutions segment includes a variety of product categories, including fasteners; builders’ hardware; wall hanging, threaded rod and metal shapes; rope and chain; letters, numbers, and signs (LNS); and personal protective equipment, such as gloves and eye-wear. The Robotics and Digital Solutions segment consists primarily of software-enabled robotic key duplication and engraving solutions that are tailored to the needs of the consumer. The Canada segment distributes fasteners and related hardware items, threaded rods, keys, key duplicating systems, accessories, and identification items, such as tags and letters, numbers, and signs, to hardware stores, home centers, mass merchants, industrial distributors, automotive aftermarket distributors, and other retail outlets in Canada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
OpenGate Completes Sale of S&G Assets
- Transaction Completion: OpenGate Capital announced that its portfolio company Sargent and Greenleaf has completed the sale of Delaney Hardware, marking the final step in S&G's multi-phase realization, further solidifying its position in the global security solutions market.
- Acquisition Background: OpenGate acquired S&G in May 2019, subsequently expanding through the acquisitions of Delaney Hardware and Premier Steel Doors, the latter sold to ASSA ABLOY in 2024, demonstrating S&G's strategic positioning within the industry.
- Operational Transformation: With OpenGate's support, S&G executed a series of growth and operational initiatives that enhanced its international footprint, strengthened customer and supplier relationships, and improved product development capabilities, ensuring supply chain resilience and manufacturing reliability.
- Strategic Buyer Transactions: OpenGate founder Andrew Nikou stated that the sale of each business unit to strategic buyers reflects the work completed during their ownership, showcasing the company's success in value creation.
See More
Hillman Solutions Acquires Delaney Hardware to Expand Pro Distribution
- Acquisition Expansion: Hillman Solutions Corp. has acquired Delaney Hardware, adding door locks and builder's hardware, with expectations of over $10 million in net sales for the 2026 fiscal year, thereby enhancing its market position in the pro distribution channel.
- Market Coverage Enhancement: Delaney primarily serves builders and contractors in the Southeastern U.S., and this acquisition will further extend Hillman's influence in the residential and commercial construction markets, driving business growth.
- Strategic Integration: Hillman's CEO Jon Michael Adinolfi stated that this acquisition is part of the company's strategic plan aimed at enhancing competitiveness in the pro market by integrating Delaney's distribution platform.
- Ongoing Growth Strategy: This acquisition marks Hillman's second in 2026, indicating the company's view of acquisitions as a key component of its long-term growth strategy, continuously seeking market opportunities to drive profitable growth.
See More
Hillman Solutions Corp. Wins 2026 USA TODAY Top Workplaces Award
- Employee Recognition: Hillman Solutions Corp. has earned the 2026 USA TODAY Top Workplaces award based on employee feedback, highlighting its commitment to a people-first culture among organizations with over 150 employees, which enhances employee engagement and belonging.
- National and Regional Honors: In addition to the national award, Hillman received regional Top Workplaces awards in Colorado, Jacksonville, South Florida, and Kansas City, reflecting a consistent culture and employee experience across its nationwide operations.
- Proof of Cultural Strength: CEO Jon Michael Adinolfi noted that this recognition comes directly from team members' authentic feedback, emphasizing the company's commitment to creating an environment where every employee feels valued and supported, thereby driving the company's success.
- Enhanced Industry Influence: Winning the USA TODAY Top Workplaces award not only boosts Hillman's industry reputation but also provides job seekers and customers with a trusted badge of credibility, signaling the company's commitment to valuing its people in a competitive market.
See More
Hillman Solutions Acquires Campbell Chain & Fittings Business
- Acquisition Overview: Hillman Solutions has acquired the Campbell Chain & Fittings business from Apex Tool Group, marking a significant expansion in the industrial MRO market, although financial terms were not disclosed.
- Sales Expectations: Hillman anticipates recognizing over $20 million in net sales from the Campbell acquisition during its 2026 fiscal year, which will significantly enhance the company's revenue base and competitive positioning.
- Product Line Expansion: This acquisition broadens Hillman's chain offerings by adding grade 70, grade 80, and grade 100 chains for commercial and industrial applications, enriching its product portfolio.
- Strategic Implications: By acquiring Campbell, Hillman not only strengthens its market share in the industrial sector but also lays the groundwork for future growth, aligning with its strategic goal of achieving $1.65 billion in revenue by 2026.
See More
Hillman Solutions Acquires Campbell Chain & Fittings Business
- Acquisition Expansion: Hillman Solutions Corp. has acquired the Campbell Chain & Fittings business from Apex Tool Group, which adds US-based manufacturing capabilities and enhances its existing chain business, with expectations of over $20 million in net sales during fiscal 2026 from this acquisition.
- Product Portfolio Enrichment: This acquisition broadens Hillman's product offerings to include commercial and industrial applications, adding grade 70, grade 80, and grade 100 chains, thereby strengthening its competitive position in the chain market.
- Market Channel Expansion: According to Chris Martin, Hillman's Executive Vice President, this acquisition expands their presence in the industrial MRO channel, as commercial and industrial customers constitute the majority of Campbell's business, highlighting its strategic significance.
- Pre-Market Market Reaction: In pre-market trading on Nasdaq, Hillman shares fell by 0.35% to $8.01, reflecting initial market reactions to the acquisition and potentially influencing investor expectations regarding the company's future growth.
See More
Hillman Solutions Acquires Campbell Chain Business to Enhance Industrial Offerings
- Acquisition Strategy: Hillman Solutions Corp. announced the acquisition of Campbell Chain & Fittings, enhancing its position in the industrial MRO market, with expectations of over $20 million in net sales during the 2026 fiscal year, thereby solidifying its market share.
- Product Portfolio Expansion: This acquisition adds grade 70, grade 80, and grade 100 chains to Hillman's offerings, catering to commercial and industrial applications, which enhances customer choice and service capabilities.
- Strengthened Market Positioning: With over 105 years of industry experience, Campbell serves multiple sectors including agriculture, industrial, and marine, and the acquisition will provide Hillman with a stronger competitive edge in these attractive end markets.
- Future Growth Potential: Hillman plans to continue pursuing acquisitions as a growth strategy, with this deal complementing its 2024 acquisition of Koch Industries, marking a strategic entry into the chain category.
See More
OpenGate Completes Sale of S&G Assets
- Transaction Completion: OpenGate Capital announced that its portfolio company Sargent and Greenleaf has completed the sale of Delaney Hardware, marking the final step in S&G's multi-phase realization, further solidifying its position in the global security solutions market.
- Acquisition Background: OpenGate acquired S&G in May 2019, subsequently expanding through the acquisitions of Delaney Hardware and Premier Steel Doors, the latter sold to ASSA ABLOY in 2024, demonstrating S&G's strategic positioning within the industry.
- Operational Transformation: With OpenGate's support, S&G executed a series of growth and operational initiatives that enhanced its international footprint, strengthened customer and supplier relationships, and improved product development capabilities, ensuring supply chain resilience and manufacturing reliability.
- Strategic Buyer Transactions: OpenGate founder Andrew Nikou stated that the sale of each business unit to strategic buyers reflects the work completed during their ownership, showcasing the company's success in value creation.
See More
Hillman Solutions Acquires Delaney Hardware to Expand Pro Distribution
- Acquisition Expansion: Hillman Solutions Corp. has acquired Delaney Hardware, adding door locks and builder's hardware, with expectations of over $10 million in net sales for the 2026 fiscal year, thereby enhancing its market position in the pro distribution channel.
- Market Coverage Enhancement: Delaney primarily serves builders and contractors in the Southeastern U.S., and this acquisition will further extend Hillman's influence in the residential and commercial construction markets, driving business growth.
- Strategic Integration: Hillman's CEO Jon Michael Adinolfi stated that this acquisition is part of the company's strategic plan aimed at enhancing competitiveness in the pro market by integrating Delaney's distribution platform.
- Ongoing Growth Strategy: This acquisition marks Hillman's second in 2026, indicating the company's view of acquisitions as a key component of its long-term growth strategy, continuously seeking market opportunities to drive profitable growth.
See More
Hillman Solutions Corp. Wins 2026 USA TODAY Top Workplaces Award
- Employee Recognition: Hillman Solutions Corp. has earned the 2026 USA TODAY Top Workplaces award based on employee feedback, highlighting its commitment to a people-first culture among organizations with over 150 employees, which enhances employee engagement and belonging.
- National and Regional Honors: In addition to the national award, Hillman received regional Top Workplaces awards in Colorado, Jacksonville, South Florida, and Kansas City, reflecting a consistent culture and employee experience across its nationwide operations.
- Proof of Cultural Strength: CEO Jon Michael Adinolfi noted that this recognition comes directly from team members' authentic feedback, emphasizing the company's commitment to creating an environment where every employee feels valued and supported, thereby driving the company's success.
- Enhanced Industry Influence: Winning the USA TODAY Top Workplaces award not only boosts Hillman's industry reputation but also provides job seekers and customers with a trusted badge of credibility, signaling the company's commitment to valuing its people in a competitive market.
See More
Hillman Solutions Acquires Campbell Chain & Fittings Business
- Acquisition Overview: Hillman Solutions has acquired the Campbell Chain & Fittings business from Apex Tool Group, marking a significant expansion in the industrial MRO market, although financial terms were not disclosed.
- Sales Expectations: Hillman anticipates recognizing over $20 million in net sales from the Campbell acquisition during its 2026 fiscal year, which will significantly enhance the company's revenue base and competitive positioning.
- Product Line Expansion: This acquisition broadens Hillman's chain offerings by adding grade 70, grade 80, and grade 100 chains for commercial and industrial applications, enriching its product portfolio.
- Strategic Implications: By acquiring Campbell, Hillman not only strengthens its market share in the industrial sector but also lays the groundwork for future growth, aligning with its strategic goal of achieving $1.65 billion in revenue by 2026.
See More
Hillman Solutions Acquires Campbell Chain & Fittings Business
- Acquisition Expansion: Hillman Solutions Corp. has acquired the Campbell Chain & Fittings business from Apex Tool Group, which adds US-based manufacturing capabilities and enhances its existing chain business, with expectations of over $20 million in net sales during fiscal 2026 from this acquisition.
- Product Portfolio Enrichment: This acquisition broadens Hillman's product offerings to include commercial and industrial applications, adding grade 70, grade 80, and grade 100 chains, thereby strengthening its competitive position in the chain market.
- Market Channel Expansion: According to Chris Martin, Hillman's Executive Vice President, this acquisition expands their presence in the industrial MRO channel, as commercial and industrial customers constitute the majority of Campbell's business, highlighting its strategic significance.
- Pre-Market Market Reaction: In pre-market trading on Nasdaq, Hillman shares fell by 0.35% to $8.01, reflecting initial market reactions to the acquisition and potentially influencing investor expectations regarding the company's future growth.
See More
Hillman Solutions Acquires Campbell Chain Business to Enhance Industrial Offerings
- Acquisition Strategy: Hillman Solutions Corp. announced the acquisition of Campbell Chain & Fittings, enhancing its position in the industrial MRO market, with expectations of over $20 million in net sales during the 2026 fiscal year, thereby solidifying its market share.
- Product Portfolio Expansion: This acquisition adds grade 70, grade 80, and grade 100 chains to Hillman's offerings, catering to commercial and industrial applications, which enhances customer choice and service capabilities.
- Strengthened Market Positioning: With over 105 years of industry experience, Campbell serves multiple sectors including agriculture, industrial, and marine, and the acquisition will provide Hillman with a stronger competitive edge in these attractive end markets.
- Future Growth Potential: Hillman plans to continue pursuing acquisitions as a growth strategy, with this deal complementing its 2024 acquisition of Koch Industries, marking a strategic entry into the chain category.
See More
