Hitting the Ground Running
In the past three years, Bolster Hardware has rapidly grown to 40 locations throughout nine states with more growth on the horizon. Here, Hardware Connection takes an in-depth look at how the company continues to gain momentum with every step.
To understand a business and its corporate culture, sometimes all you need to do is look at its name. That’s especially true of Bolster Hardware. Since its founding in 2021, the company has made enormous strides within the retail hardware industry, growing to 40 locations throughout nine states. More expansion is on the way.
“Our name reflects our purpose,” says Ajay Amin, principal of CMG Companies and leadership of Ace Platform, M&A, Finance, and Special Projects. “We provide unwavering support to our customers through quality hardware and exceptional service, empower our employees with growth opportunities and success, and strengthen our local communities through meaningful connections and investment.”
Founded by CMG Companies, a Dallas-based multi-unit franchise operator that manages more than 450 locations across restaurants, hotels, and retail outlets in more than 30 states, Bolster Hardware jumpstarted its hardware business with the 2021 purchase of Potter’s Ace Hardware, which had 21 locations in middle Tennessee and southern Kentucky. Since that initial purchase, Bolster Hardware has added 19 additional locations—37 stores are Ace branded, two are independent and one is aligned with Emery Jensen Distribution.
CMG had the resources to enter just about any industry and make a big impact. Why hardware? “CMG chose the hardware industry and specifically Ace Hardware due to its brand recognition, stability, growth potential, and opportunity to make a positive impact on local communities,” Amin says. “The acquisition of Ace Hardware stores provided an established foundation for Bolster Hardware’s expansion.”
Along with growth in number of stores, Bolster Hardware has seen growth in its financial performance, especially margin, as well. In 2023, the company’s gross margin was 34.5 percent. This year, the margin is 36.5 percent, according to Amin. Year-to-date category comps have also seen improvements with paint and cleaning up 3.5 percent, tools up 12.2 percent, lawn and garden up 6.5 percent, and outdoor living up 10.1 percent. Bolster’s online presence has made strides as well. Compared to the previous year, the company’s buy online/pick-up in store business has increased 41.5 percent.
Expanding While Upgrading Tech
Growing that quickly has meant nimble operations and a heavy reliance on technology, according to Amin. When CMG bought Potter’s Ace Hardware, there was no POS system, inventory counts, or rewards program in place. Timecards were even manual punch. The stores’ assortments didn’t include lines such as Stihl, Benjamin Moore, Traeger, or Big Green Egg.
Yet, within six months, all 21 stores went live on Epicor.
“The importance of technology in ensuring seamless operations cannot be overstated,” Amin says. “It enables us to offer customers convenient options like buy online and pick up in store, buy online and ship to home, and customers even scheduling deliveries directly from their phones.”
Technology also allows Bolster Hardware staff to communicate and provide support from anywhere, helping maintain consistency across the organization. The company has embraced virtual meeting rooms and other digital tools to stay connected.
While there’s a heavy reliance on technology to promote connection throughout the company, the executive team frequently visits locations. Amin says it’s important for team members to meet the leadership and ownership.
“We prioritize keeping regional teams connected and have been highly selective in appointing leaders who share our values of employee and customer engagement,” Amin says. “These leaders, who live in our local markets, help spread our message and reinforce our culture daily in their own unique ways.”
Customer Service a Cornerstone
Because customer service is a cornerstone of the Bolster Hardware business, an element of customer service is built into the company’s employee compensation plan.
The company offers delivery services from all locations. Employees assemble or teach customers how to use the items they purchase. For instance, one of Bolster Hardware’s grilling specialist employees led a series of grilling classes at a local technical school in Tennessee.
“Our people truly make the difference, and by minimizing employee turnover throughout the acquisition process, we’ve been able to maintain or improve customer service levels at each location,” Amin says.
Bolster Hardware at a Glance
Owner: CMG Companies, a Dallas-based franchise operator
Store count: 40
Ace branded stores: 37
Independent branded stores: 2
Emery Jensen stores: 1
Ace Pinnacle stores: 12
Ace Platinum stores: 11
Store remodels since 2021: 19
Overall customer satisfaction, rolling 12 months: 89.5%
Culture of Employee Empowerment
Such rapid expansion required integration of different philosophies and processes throughout the company. Yet, that had to be accomplished while minimizing disruptions for customers and store teams.
One of the most vital ways to address this challenge is the company’s open-door policy, according to Amin. All company leaders have access to the executive team.
“The assimilation process following each acquisition presented its own set of challenges, particularly the need to quickly and accurately identify new store leadership and empower them to step into roles left vacant by former owners, ensuring smooth transitions and continuity,” Amin says.
As Bolster Hardware has grown, it relies on ideas from employees working in the stores. When hiring, the company looks internally before seeking external candidates.
“We foster an environment where people know they matter,” Amin says. “We measure our success by the success of our people and remain genuinely invested in their future development.”
Employees are connected to the company’s corporate culture while also remaining deeply rooted in their communities across the country.
“At Bolster, we are committed to developing store leaders and teams with a strong sense of service, dedicated to protecting and preserving the essence of the local hardware store,” Amin tells Hardware Connection. “We empower our leaders to make a meaningful impact in their communities in their own unique ways.”
Community Focus Under Big Umbrella
Throughout the company, Bolster’s executive team emphasizes exceptional customer service and community involvement. Each Bolster Hardware store has maintained a local, community-focused atmosphere despite being part of a larger organization, Amin says.
“We’re dedicated to strengthening local communities through our core values: community focus, customer-centric service, quality products, employee empowerment, and local involvement,” Amin says. “By prioritizing grassroots initiatives over national programs, we remain deeply rooted in each neighborhood we serve.”
One example: Bolster recently united stores in a specific market to raise funds at the register in support of a local high school impacted by a school shooting.
In addition, Bolster Hardware partners with schools for events to support the Children’s Miracle Network.
The company also tailors product offerings and services to meet specific needs of each community. Buyers collaborate with store teams to select these assortments while also ensuring competitive pricing for customers.
“Through our partnership with Ace Hardware, we maintain a foundational inventory that covers regional hardware needs, while decentralizing the remaining purchasing activity,” Amin says. “This empowers individual store teams to tailor their inventory to the specific needs of their local businesses.”
Future Plans: Improve, then Grow
Bolster Hardware is still in acquisition mode.
“We seek successful stores with high-performing teams to join our family,” Amin says. “Key qualifications include the quality of the existing team, store culture, financial health of the business, and growth opportunities in the market.”
While expanding is in Bolster Hardware’s future, the company prioritizes continuous improvement of existing locations before acquiring new ones. This helps ensure the company structure and culture stays ahead of the growth, according to Amin.
“We believe it is our responsibility to help keep successful local hardware stores alive and thriving in the communities they serve,” Amin says.
Meet the Bolster Hardware Executive Team
AJAY AMIN
Principal
Leadership of Ace Platform, M&A, Finance and Special Projects
With more than 20 years’ experience in the restaurant and retail industry, Amin has owned, operated, and developed several restaurant brands. He leads M&A for his current holdings, which include Ace Hardware, Genghis Grill, Little Caesars, and D’Lite Healthy on The Go.
PACO PATEL
Principal
Leadership of Ace Platform, Operations, Training & HR
In the restaurant and hospitality industry since 2000, Patel has owned, operated, and developed several hotel and restaurant brands and spent more than 10 years as a project and procurement manager in the hospitality industry.
MARK FLOWERS
Vice President of Operations, Bolster Hardware
With more than 30 years in the retail industry, Flowers oversaw 180 Dollar General locations. Prior to that, he was the vice president of retail growth and corporate officer for True Value, where he led the retail growth strategy for the company and its retailers through the design, development, and rollout of a new retail shopping format.
JOEY PARCHMAN
Director of Operations, Bolster Hardware
With more than 25 years of extensive retail and management experience in the hardware industry, Parchman worked for Home Depot advancing from sales associate to general manager for multiple stores with sales ranging from $20 million to $54 million. Parchman was previously a district manager at Ace Hardware in the Alabama and Mississippi markets.
ROB MOORE
Director of Operations, Bolster Hardware
Moore has been in the retail industry for more than seven years. He previously served as a district manager for Ace Hardware in the Ohio region and will be helping support the Southeast region of Bolster Hardware stores. In addition to Ace Hardware, Moore has experience with Dollar General and Speedway LLC.
RICARDO MARTINEZ
Vice President of Accounting, Bolster Hardware
Martinez has an extensive background in financial management and specializes in the multi-unit space. He launched his career working for the largest Latino franchise in the United States. Prior to that, Martinez was finance controller for Famsa, a subsidiary of one of the largest furniture retailers in Mexico.
JAKE BAUER
Director of Process Improvement, Bolster Hardware
With more than 20 years in the retail industry, Bauer was previously with JCPenney for 19 years with various roles as controller, finance, and internal audit.
CHRIS BYRD
Director of Information Technology, Bolster Hardware
Byrd oversees all IT functions across Bolster Hardware’s existing stores and new acquisitions, leveraging his extensive IT and hardware expertise. Previously, Byrd led IT for Potter’s Ace Hardware’s 21 stores.
