Lockmasters, a portfolio company of Dominus Capital, acquired JLM Wholesale, a specialty wholesale distributor of commercial door hardware and security solutions.
Selling primarily into the commercial glass and glazing market, JLM serves door and hardware distributors, security integrators, and glass and glazing contractors, providing technical solutions for products from industry-leading manufacturers.
Headquartered in Oxford, Mich., with locations in Plano, Texas, and Charlotte, N.C., JLM has grown substantially since its founding in 1984 by Janet Mirku.
Lockmasters is a leading provider of proprietary products, educational training and distribution of third-party combination locks, tools and hardware to the government and security professional industry. The acquisition marks the third add-on for Lockmasters under Dominus’ ownership, and the most transformative thus far, according to an announcement.
“We are excited to welcome JLM into the Lockmasters Family,” said Lockmasters CEO Joe McCormack. “JLM has differentiated themselves in the market and is positioned for continued growth and success.”
McCormack said acquisition of JLM is aligned with Lockmasters’ strategic priorities in multiple ways. First, it expands the company’s distribution footprint with three additional locations, allowing each one to serve mutual customers faster and more efficiently. JLM’s comprehensive portfolio of commercial hardware and security products and solutions are complementary to and bolster what Lockmasters sells today.
“Finally, JLM accelerates our talent acquisition strategy with the addition of an experienced JLM team that is committed to providing the same level of exceptional service that we strive for at Lockmasters,” he says. “We look forward to capturing the meaningful upside opportunities that lie ahead in partnership with the JLM team.”
"My mother and my husband, Janet Mirku and Ray Baldwin, founded and built JLM. It will always have its roots in the Mirku and Baldwin families," said Annette Baldwin, the former CEO and majority owner of JLM prior to its sale to Lockmasters. “We were thoughtful about finding the right caretaker for JLM and believe it landed in the right hands with Lockmasters and Dominus. Their vision for JLM entails not only retaining all current employees and maintaining JLM's culture but growing and adding more staff, which is exactly what we had hoped for in the next owner.”
Jim Lee, president of JLM, noted the two companies’ complementary businesses. “The combination with Lockmasters will strengthen relationships with our suppliers, where we have significant overlap today, and both deepen and expand our relationships across our similar door hardware and security customers,” continued. “It will also enhance the reach of each business with our customers and increase shipping speed by expanding our distribution coverage with plans to further increase our national footprint together in the near future.”
Bob Haswell, founding Partner of Dominus Capital, said acquiring JLM is part of the firm’s buy and build strategy. “We are pleased to be chosen by the founders as the trusted caretaker of these leading businesses and look forward to assisting them with their next phase of growth. We are excited to work with JLM management to achieve similar success with Lockmasters," he said.
