Handy Dan Home Improvement Centers, Inc.
List of Deals
Handy Dan Improvement Centers began operations in Texas in 1968 by acquiring five home improvement stores. Each home improvement center sold materials, tools, and supplies usually required by a homeowner or do-it-yourself enthusiast for home maintenance, repair, or remodeling.
Handy Dan was acquired by Daylin Incorporated in May 1969. Three years later, in May 1972, Daylin incorporated Handy Dan as a Delaware corporation, and in September 1972 Daylin transferred the capital stock of twenty-five wholly owned subsidiaries and a 50 percent interest in its subsidiary, Thrift Builder's Supply, Inc., in exchange for 1.8 million shares of Handy Dan's common stock.
Handy Dan made an initial public offering in November 1972 by selling 400,000 shares of common stock to the public. After the stock sale, Daylin continued to control Handy Dan by holding 81 percent of the outstanding shares. The proceeds of the offering were used by Handy Dan to pay off debt owed to Daylin.
By the end of 1972 Handy Dan operated twenty-eight do-it-yourself home improvement centers in California, Texas, Arizona, and California. Earnings in the fiscal year ending August 1972 were $1.5 million based on sales of $51.5 million. One year earlier, income for Handy Dan was $1 million and revenues were $32.8 million.