By Nereida Moreno.
Ace Hardware has acquired a majority stake in The Grommet, an e-commerce startup that brings to market products from independent entrepreneurs and emerging companies, officials announced Tuesday.
Launched in 2008, The Grommet has worked with more than 2,500 inventors, entrepreneurs and small businesses to launch dozens of household products and brands on its website. FitBit, IdeaPaint, OtterBox and SodaStream are among the items that were showcased on The Grommet as they were launching.
“We’ve both been duking it out for the little guy. Ace has been doing it for 93 years and we’ve been doing it for just under nine years,” said Jules Pieri, who co-founded The Grommet with Joanne Domeniconi. “There’s a lot of heart and soul and passion for helping people realize their dreams.”
Ace Hardware is now the controlling owner of The Grommet but will not alter the company’s strategic direction, according to a news release. Domeniconi and Pieri and their employees will continue to have some equity ownership of the company and will remain autonomous. Terms of the deal were not disclosed.
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