US home improvement retailer Ace Hardware has acquired a majority stake in e-commerce startup The Grommet.
Through an e-commerce website, The Grommet markets and sells products such as FitBit, IdeaPaint, OtterBox, SimpliSafe, and SodaStream.
Ace Hardware president and CEO John Venhuizen said: “Under Ace’s ownership, I believe The Grommet can offer our customers more of that which fuels global economies and makes America special, the unbridled creativity of the local entrepreneur.
“Ace’s expansive supply chain and network of 5,034 stores coupled with The Grommet’s innovative product discovery platform combine to give dreamers, inventors, innovators, and makers a sustainable, high-quality path to meaningful growth, without having to bow down to the altar of Amazon.”
The company will assume majority controlling ownership of The Grommet, but does not intend to alter its strategic direction.
The Grommet co-founder and CEO Jules Pieri said: “The Grommet has often been called a ‘general store for innovation,’ and Ace is a trusted destination for the goods and services homeowners need to take care of their homes. That is a powerful combination.”
Retail analytics employed in Ace Hardware stores represent significant value in aligning physical stores with a digital discovery platform.
Ace Hardware operates as a cooperative through more than 5,000 stores worldwide.
Image: The Grommet at Ace Hardware. Photo: courtesy of Ace Hardware Corporation.