Audax Exits Colony Hardware to White Cap After 7-Year Hold

Event summary

  • Audax Private Equity sold Colony Hardware to White Cap after acquiring it in November 2018.
  • Colony expanded from 9 to 19 states under Audax, adding 16 acquisitions and 8 greenfield locations.
  • Audax grew Colony’s branch network and employee count to over 1,100 by December 2025.
  • Deal terms were not disclosed, marking Audax’s first exit of 2026.

The big picture

Audax’s exit of Colony Hardware underscores the firm’s ‘Buy & Build’ strategy, which doubled the company’s footprint. The sale to White Cap, a larger competitor, suggests consolidation in the construction supply distribution sector. With $19.5 billion in AUM as of January 2026, Audax continues to prioritize value creation through operational improvements and strategic acquisitions.

What we're watching

Integration Challenges
How White Cap will merge Colony’s operations with its existing network.
Market Expansion
Whether Colony’s growth trajectory continues under new ownership.
Private Equity Strategy
The pace at which Audax will execute further exits in 2026.