Ace Hardware has completed its acquisition of e-commerce startup The Grommet, which markets and sells new and innovative products from independent sources.
The growing site has launched brand names such as FitBit, SimpliSafe and SodaStream. Thus far, The Grommet is responsible for launching 2,500 consumer products.
Ace Hardware began working with The Grommet in 2016 in order to bring new and unique products into select Ace stores.
“We believe the combination of Ace’s global supply chain, coupled with our access to retail outlets—including 5,034 Ace retail stores—provides early stage companies and independent Makers with a large, sustainable runway for growth. Incorporating The Grommet’s maker discovery and e-commerce launch platform accentuates this initiative with further differentiation for Ace and a larger growth runway for inventors, innovators and Makers," John Venhuizen, president and CEO of Ace Hardware told FierceRetail.
Joanne Domeniconi and Jules Pieri, the original founders of The Grommet, will continue to have some ownership in the company and will continue to run the website autonomously from Ace Hardware.
Both companies stand to benefit from the merger, as analytics show that The Grommet customer visits Ace Hardware stores 50% more times than the average Ace Rewards customer and spends 2.8 times as much money.