11 September 2013
Nova Capital Completes Acquisition of U.S. Home Improvement and Hardware Portfolio from Newell Rubbermaid
CHICAGO and LONDON – September 11, 2013 – Nova Capital (“Nova”), the specialist acquirer of corporate and private equity portfolios, today announced the closing of the transaction to acquire a portfolio of businesses within Newell Rubbermaid’s Hardware group in North America for USD $214 million.
The acquisition was announced August 9th and includes five home improvement and hardware brands: Amerock, Ashland, Bulldog, Drapery Hardware and Shur-Line. The acquisition was funded through a newly established fund with equity provided by its limited partners, including Nova and secondary funds managed by HarbourVest Partners LLC and Landmark Partners.
“Nova is committed to targeted investment in these businesses to drive future growth. Our proven track record of combining operational and financial expertise is well established and has consistently added value to acquired businesses,” said David Jacobs, Nova Investment Partner. “This collection of strong brands and long standing channel partnerships is well positioned to capitalize on the up-turns in the U.S. housing, home improvement and consumer markets.”
Nick Morrisroe, formerly of Newell Rubbermaid, will continue to serve in his role of Vice President and General Manager for the combined Hardware businesses. David Jacobs and Richard Lobo have joined the boards of the businesses as Nova’s Investment Partners, while Ronald Foy of Nova has joined as an Operating Partner.
Nova announced the addition of a North American headquarters earlier this year, and has recently added key leadership and staff to its team here to support the company's accelerating business growth in North America. In September 2012, Nova completed the acquisition of five industrial businesses in the U.S. including all of the operating subsidiaries of Latshaw Enterprises, Inc. in a single transaction. In August 2011, Nova completed the acquisition of five industrial businesses in Canada.