With an eye to solidifying its position in the Philadelphia, PA region, Benjamin Moore has announced its intent to purchase select assets of Finnaren & Haley Paint & Coatings (F&H), a regional manufacturer based in Conshohocken, PA.
According to Denis Abrams, president and CEO of Benjamin Moore, the acquisition is a strategic move that yields the F&H architectural coatings brand name and seven retail locations, five of which are in the greater Philadelphia area, and two in southern New Jersey. Benjamin Moore also will be assisting a group from the Haley family as they continue their business as the Haley Paint Company which will own and operate a select number of paint and decorating stores representing the Benjamin Moore brand throughout the Philadelphia market.
"Finnaren & Haley has a sterling reputation and is one of those tiny gems of a company that shares the values of Benjamin Moore, so we are pleased to continue the brand where it was born. This type of acquisition also underscores Benjamin Moore's ongoing commitment to strengthening and differentiating the independent paint and decorating retail channel," said Abrams. "Ensuring the continuation of outstanding service to F&H's loyal customers is a top priority for Benjamin Moore. Consequently, the addition of these stores into the Benjamin Moore fold is a natural fit. They will operate as part of our Old City Paint & Decorating subsidiary, based in Philadelphia."
Terms of the deal were not released, but Abrams did explain that it does not include acquisition of the F&H factory. Founded in 1913 by two enterprising paint salesmen, Joseph A. Finnaren and Daniel J. Haley, F&H began manufacturing and selling its own brand from a South Philadelphia location and together they carefully grew their business from that corner store where they hand-mixed the paints. In the 70s, the Haley family attained full ownership and a third generation continues to manage the business.