NOVA IS A PIONEER IN PORTFOLIO BUY-OUTS
SPECIALISING IN ACQUIRING MULTIPLE BUSINESSES
IN A SINGLE TRANSACTION

News

Industry Leader in Private Asset and Fund Optimization Establishes Base of Operations in UK/EU

Kirchner Group and Nova Capital Management Form Strategic Alliance

Birmingham AL, London and New York – 20 October 2020 – Kirchner Group is pleased to announce that in response to market demand it has formed a joint venture with Nova Capital Management.

 

The newly formed Kirchner-Nova strategic alliance will leverage the unprecedented experience and proprietary models related to under resourced – underperforming and end of fund life for VC and PE assets pioneered by Kirchner Group via a team of highly experienced asset managers based in Europe. Kirchner-Nova will focus on private asset and fund optimization services for LPs and GPs in the United Kingdom and European Union.

 

“Since first developing this model over a decade ago, we have seen a steady increase in demand as we have customized our services to create value for both LPs and GPs,” commented W.B. (Bud) Kirchner, Founder and CEO of Kirchner Group. “Our extensive hands-on experience in creating liquidity and return on capital in a variety of underperforming and end of life funds has created a demand beyond our original base of North America and we are excited to partner with Nova to address this need.”

 

Kirchner has been deploying its unique private asset and fund optimization model and incorporating ‘lessons learned’ since pioneering it in 2004. The model has been developed across a series of funds ranging from early stage venture to mid-market buyout. The firm has created significant value in over twelve funds, including more than 130 companies around the world – in a spectrum of roles including: Assessments – LP Advisor – LPAC Advisor – Co-GP – Successor GP. Kirchner’s clients include HarbourVest, Landmark Partners, CIGNA, Prudential, Glouston Capital and many others, including family offices, commercial banks and institutional investors.

 

Nova has been managing private equity portfolios and investments across Europe since its 2002 formation. In addition to managing investments in its own funds, it has also undertaken a number of bespoke assignments to manage investments on behalf of limited partners and general partners wanting to introduce Nova’s strong operational portfolio management approach to their investments. Nova has been working successfully in partnership with the Kirchner Private Asset and Fund Optimization Group on a portfolio over the last five years, and that strong working relationship has formed the bed-rock of the new strategic alliance.

 

David Williamson, CEO of Nova commented, “We have worked very productively with the Kirchner team over the past 5 years, achieving a significant turnaround in performance of an underperforming portfolio. I believe we are a very effective team with complementary skillsets. What we have in common are our strong operational skills and transparent communication styles. We are very excited to be formalizing our relationship through this joint venture and to be able to introduce Kirchner’s private asset and fund optimization knowhow into the European market.”

 


 

 

Kirchner Group

Kirchner Group was founded in 1985 as a boutique advisory firm and today operates various subsidiaries, providing advisory services (M&A, assessments, diligence) and operational support (interim management, workouts, turnarounds) as well as asset management (dedicated, private asset and fund optimization) – all leveraging a proprietary approach that dovetails domain and process expertise.

 

Throughout the decades Kirchner Group has been internationally recognized for its unique business model centered around creating value while promoting values: “earning while returning”. The firm has also established a reputation for building and rebuilding important business and social paradigms based on its deep entrepreneurial orientation.

 

Kirchner Group pioneered its private asset and fund optimization program over a decade ago to help traditional and impact investors and their LP’s enhance value creation and bring the necessary resources to ensure investment success. The initiative works to help limited partners and limited partner advisory committees to realign interests and help their fund managers optimize value through the return-of capital phase of fund lives.

 

Kirchner Group’s clients and partners include early stage to mid-market companies, venture capital and private equity firms as well as family offices and some of the world’s largest insurance companies, commercial banks and institutional investors. Stay up to date on the firm’s initiatives and activities by following us on LinkedIn.

Blair Kirchner | Managing Director | +1 902.817.2405 | bgkirchner@kirchnergroup.com

 

Nova Capital Management

Nova Capital Management is a pioneer in portfolio buy-outs, specializing in acquiring multiple businesses in a single transaction from corporate or financial sellers. Since its foundation in 2002, Nova has executed international transactions with a value of over $1.7bn from offices in London and Chicago and managed, and successfully exited, investments in over 100 portfolio companies.

David Williamson | Founder & Managing Partner | +44 (0) 207 901 1799 | d.williamson@nova-cap.com

 

Kirchner–Nova

Kirchner-Nova combines the expertise and experience of Kirchner Group and Nova Capital Management. The strategic alliance will focus on private asset and fund optimization services in the United Kingdom and European Union. The group leverages the synergies of numerous proprietary models and local market presence to create value in funds that are underperforming or at end-of-life. Established on the back of many years of partnership managing a portfolio the formation of Kirchner-Nova represents a long overdue alternative option for asset managers and institutional investors in Europe who are facing challenging circumstances.

W.B. (Bud) Kirchner | Founder and CEO | +1 954.629.9435 | budkirchner@kirchnergroup.com

 

 Kirchner_Nova

 

New partnership adds major consumer electronics company to Shur-Line®, Bulldog® and World and Main businesses

 

 

CRANBURY, New Jersey – October 8, 2019 – Nova Capital Management announced that it has acquired leading consumer electronics company Craig Electronics, headquartered in Miami, Florida. The company is being acquired through an existing investment of Nova’s which together will operate under a new corporate identity – H2 Brands Group, (H2 Brands™) – and will include the Craig, Shur-Line, Bulldog, and World and Main businesses.

 

Craig Electronics is a leading consumer electronics innovator which offers a complete one-stop consumer technology and electronics solution for national big box, food and drug, club, and mass retail distribution. Craig conducts business under a portfolio of brands which includes Craig (owned) and Magnavox (licensed), as well as multiple private label relationships. As part of H2 Brands™, Craig will continue to operate as an autonomous business under the leadership of Michael Newman, President, Craig Electronics.

 

This merger strengthens Nova’s consumer products platform and broadens its product offering into the consumer technologies and electronics segment.   Craig’s entrepreneurial culture, coupled with its R&D capabilities, speed to market and leadership position in providing reputable, quality products at affordable prices (mobile accessories, headphones, clock radios, Bluetooth speakers, towers and tablets) is a perfect complement to H2 Brands’ mission of providing consumers omni-channel access to affordable home and hardware products. The combined organization brings together excellence in product development, global sourcing, transportation and logistics, e-commerce capability and sales coverage across all retail channels.

 

Craig Electronics will join Nova’s current consumer brands companies of Shur-Line, Bulldog, and World and Main, which are based in Cranbury, NJ.   The Shur-Line and Bulldog businesses are leading providers of branded and private label Do-It-Yourself, home improvement products for regional and national retailers and independent hardware stores. World and Main’s owned brands include Comfort Zone™ portable fans and heaters, Bright-Way™ electrical supplies, Helping Hand™ housewares, PXpro™ paint tools, WordLock™ locks, and AquaPlumb™ faucets and repair parts. Each of these businesses has long-term customer relationships fostered through a track record of category expertise, innovation and excellent quality/value.

 

“We are incredibly excited to be able to utilize the H2 Brands platform to provide our business and retail partners with substantial additional resources while continuing to service them with the same level of commitment they have grown to expect from us,” said Michael Newman, President, Craig Electronics.

 

“The merger of Craig Electronics with H2 Brands provides our customers with additional product adjacencies and speed to market while also enhancing service/delivery through a more robust warehouse and freight network.  I look forward to working with Michael to further bolster the capabilities of H2 Brands for the benefit of our valued customers,” said Mark Rostagno, Chief Executive Officer, H2 Brands, Home and Hardware.

 

“We are delighted to announce this strategic partnership for our consumer products platform that enables us to combine solid businesses like Shur-Line, Bulldog, and World and Main with leading consumer electronics company, Craig Electronics,” said Jan Kreminski, partner, Nova. “Craig’s entrepreneurial spirit is a perfect fit to our business culture, and the combined companies will benefit from a complementary brand portfolio.   Craig’s expanded product offering and strategically located Hong Kong office will also add broader sourcing capabilities and product access,” said Kreminski.

 

“We are excited to add Craig Electronics to our consumer products portfolio.   We believe we are acquiring a strong business in the consumer electronics segment with a tenured and talented management team and strong, long-standing customer relationships.  It is a great fit.” said David Williamson, Founder and Managing Partner at Nova.

 

 

 

 

About Nova Capital Management

Nova is a pioneer in portfolio buy-outs, specializing in acquiring multiple businesses in a single transaction from corporate or financial sellers.  Since its foundation in 2002, Nova has executed international transactions with a value of over $1.7bn from our offices in Chicago and London.  Nova acquired both Shur-Line and Bulldog in 2013 as part of a portfolio of hardware businesses acquired from Newell in a $220m+ transaction.  Nova acquired World and Main brands in 2018 and Craig Electronics in September 2019. Nova has helped transform these companies through the recruitment of new management teams led by Mark Rostagno, supporting increased investment in sales, marketing and NPD resources.

 

 

About H2 Brands Group

H2 Brands is headquartered in Cranbury, New Jersey, with locations St. Francis, WI, Freeport, Illinois, Miami, Florida, Los Angeles, California, Wuxi, China, and Hong Kong, and stocks and sells over 12,000 SKUs across 16 product categories. Its portfolio includes heritage brands Shur-Line paint accessories, Bulldog hardware, and Craig Electronics as well as owned-brands Comfort Zone, Ultra Hardware, AquaPlumb, and WorldLock distributed under the World and Main umbrella. This broad basket of products, coupled with World and Main’s exceptional distribution capabilities, enables the company to deliver on its value proposition: Delivering Simplicity. Facilitating Success. For more information, visit worldandmain.com.

 

New partnership brings together Shur-line Paint Sundries and Bulldog Hardware with World and Main brands  

 

CRANBURY, New Jersey – October 8, 2018 – Nova Capital Management is pleased to announce that it has merged its consumer brands, Shur-Line™ and Bulldog Hardware™, with World and Main, LLC’s retail brands, formerly owned by Littlejohn & Co.   This merger brings together excellence in product development, global sourcing, manufacturing, logistics, channel access, and customer support to national, regional, co-op and independent hardware channels. 

 

World and Main, based in Cranbury, NJ, offers a unique combination of product development, merchandising and global sourcing across a family of brands and distributes these products to national, regional and independent hardware stores. World and Main’s owned brands include Comfort Zone™ portable fans and heaters, Bright-Way™ electrical supplies, Helping Hand™ housewares, PXpro™ paint tools, WordLock™ locks, and AquaPlumb™ faucets and repair parts. The Shur-Line and Bulldog businesses are leading providers of branded and private label Do-It-Yourself, home improvement products for regional and national retailers, and independent hardware stores. Shur-Line’s manufacturing expertise will be brought to bear across World and Main’s broad supplier network to achieve even greater quality and efficiencies.  Each of these businesses has long-term customer relationships fostered through a track record of category expertise, innovation and excellent quality/value.

 

“We are excited to have Mark Rostagno and the very strong management team he has created at Shur-Line/Bulldog for the acquisition of World and Main.  We believe his strong operational focus will enable us to add real value to the World and Main business.  Equally, we believe we are acquiring a solid business with strong, long-standing customer relationships and talented managers.  It is a great combination,” said David Williamson, Founder, Chairman & Managing Partner, Nova Capital Management.

 

 “We are pleased to close on this strategic merger for our two companies that enabled us to combine a great company like World and Main with our original investment in the Shur-Line and Bulldog businesses and brands,” said Jan Kreminski, partner, Nova. “As a result, the combined companies will benefit from a complementary brand portfolio, an expanded product offering, broader distribution and customer access, sophisticated sourcing through a large global network of manufacturers, an experienced management team and attractive synergies.”

 

“The merger of World and Main with the Shur-Line and Bulldog businesses will allow us to accelerate our strategic growth plans by leveraging the combined companies’ sourcing, manufacturing and logistic capabilities and broad customer reach. We look forward to providing our valued customers with an expanded product offering and innovative new products while continuing to deliver the high level of quality and service they require and have come to expect,” stated Mark Rostagno, CEO of the combined companies.

 

 

 

About Nova Capital Management

Nova is a pioneer in portfolio buy-outs, specializing in acquiring multiple businesses in a single transaction from corporate or financial sellers.  Since its foundation in 2002, Nova has executed international transactions with a value of over $1.7bn from our offices in Chicago and London.  Nova acquired both Shur-Line and Bulldog in 2013 as part of a portfolio of hardware businesses acquired from Newell in a $220m+ transaction.  Since then Nova has helped transform the two companies through the recruitment of new management teams led by Mark Rostagno, supporting increased investment in sales, marketing and NPD resources and now through the acquisition of World and Main.

 

About World and Main

World and Main, LLC is headquartered in Cranbury, New Jersey, with locations in Chicago, Illinois, and Wuxi, China, and stocks and sells over 14,000 SKUs across 15 product categories. This broad basket of products, coupled with World & Main’s exceptional distribution capabilities enables the company to deliver on its value proposition: Delivering Simplicity. Facilitating Success. For more information, visit worldandmain.com.

 

About Shur-Line Paint

Shur-Line, founded in 1945, designs and manufactures a full line of innovative paint application and paint-project related products for do-it-yourself consumers. Focusing on consumer-driven innovation, Shur-Line develops products that make painting easier, faster and fun. Shur-Line offers a full product line of roller covers, brushes, paint trays, poles, frames, surface prep and edging tools. Shur-Line is committed to launching a steady stream of new products specially designed with the Do-It-Yourself consumer in mind. The corporate office and manufacturing facility are located in St. Francis, Wisconsin. For more information, visit shurline.com.

 

About Bulldog Hardware

For over 135 years, Bulldog Hardware has been developing fastening products to make Do-It-Yourself projects easier, always delivering professional-looking results. Bulldog Hardware products are strong and reliable with a proven track record of innovation. The product offering includes picture hanging accessories, anchors and specialty fasteners, basic home-improvement hardware such as nuts, bolts and screws and organizational tools for the home. Today, Bulldog Hardware is a major, diversified brand in the convenience hardware category, and its products can be found in many major retailers throughout the country. For more information, visit bulldoghardware.com.

 

 

 

Nova Capital Management (‘Nova’) is pleased to announce that it has entered into a conditional agreement to sell its portfolio company, Ashland Hardware (‘Ashland’), to Tyman plc for a price of $101m.

Further details on the transaction are contained in the attached announcement released by Tyman plc this morning.

Nova acquired Ashland as part of a portfolio acquisition of 5 businesses from Newell Rubbermaid (now Newell Brands) in September 2013. Profits at Ashland have more than doubled under Nova’s ownership.

Nova was advised on the transaction by Robert W. Baird & Co., Reed Smith LLP and Deloitte LLP.

 

For further information contact:

 

David Williamson: d.williamson@nova-cap.com

Jane Kingdom: j.kingdom@nova-cap.com