Jensen Distribution Services, a 131-year-old, Spokane-based wholesale hardware distributor, has sold its assets to Oak Brook, Ill.-based cooperative Ace Hardware Corp.

Founded in 1883, Jensen Distribution has about $150 million in annual revenue and serves more than 2,000 customers in 11 Western states. The company, with it big distribution facility located at 10110 W. Aero Road, will continue to operate under the Jensen name, says Ace spokeswoman Kate Kirkpatrick.

Mike Jensen, the fourth-generation CEO of Jensen Distribution, plans to retire this year, and fifth-generation family members Chris Jensen and Micah Dunlap will remain with the company and continue to oversee its operations.

Kirkpatrick says Jensen Distribution's 254 employees shouldn’t expect significant change as a result of the acquisition.

Ace President and CEO John Venhuizen says in a press release that the acquisition, coupled with Ace’s ownership of distributor Emery-Waterhouse, are expected to give the company stronger buying power and price synchronization.

The Ace cooperative includes more than 4,900 stores throughout the U.S. and in about 60 other countries, and the company and its subsidiaries operate 14 distribution centers in the U.S., as well as centers in China, Panama, and the United Arab Emirates.