Ace Hardware Corp. confirmed May 22 that the co-op now has full ownership of the Great Lakes Ace Hardware chain.
The co-op’s first-quarter financial report says that Ace Hardware experienced revenue increases in early 2019, in part due to the acquisition of ACO Inc., the company that operates the 50 Great Lakes Ace Hardware stores in Ohio and Michigan.
Previously, Ace Hardware owned a 42 percent stake in the chain. The co-op purchased the final 58 percent in March, according to the financial report.
“ACO operates 50 stores under the name of Great Lakes Ace Hardware and contributed $6.1 million of revenue in the first quarter of 2019,” Ace Hardware reports.
The Great Lakes Ace chain started as one independent store in 1946 in Dearborn, Michigan, according to the company’s website. The stores will continue to operate under the Great Lakes name as part of Ace’s retail holdings division, according to the co-op.
Ace Hardware also owns and operates the Westlake Ace Hardware chain, which has 124 stores in 10 states. The co-op has been expanding the Westlake chain primarily through acquisitions.