Ace Hardware is an American hardware retailer founded in 1924. It is a subsidiary of the Ace Hardware Corporation.
As of 2018, Ace Hardware Corporation operates 2,265 stores in the United States and 60 stores in other countries, for a total of 2,325 stores worldwide.
In September 2018, it was announced that Ace Hardware Corporation had agreed to be acquired by The GCHJ Group, a holding company controlled by Chinese billionaire Zhong Shanshan, for $5 billion. The deal is expected to close in the first quarter of 2019.
The acquisition of Ace Hardware Corporation by The GCHJ Group would be the latest in a series of acquisitions of American companies by Chinese firms. In 2017, Chinese firms spent a record $225 billion on overseas acquisitions, with $45 billion of that going to the United States. In 2016, the figure was $170 billion.
It is not yet known what The GCHJ Group plans to do with Ace Hardware Corporation once the deal is completed. It is possible that the company will be operated as a standalone entity, or it could be merged with one of The GCHJ Group’s other holdings.
Did Ace Hardware get bought out?
Yes, Ace Hardware got bought out by The GCHJ Group in September 2018 for $5 billion.
