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Newell Rubbermaid sells Hardware business to Nova Capital

Newell Rubbermaid is to sell its Hardware business, which includes the Amerock, Ashland, Bulldog and Shur-Line brands, to Nova Capital, an acquirer of corporate and private equity portfolios.

 
Newell Rubbermaid is an American manufacturer and distributor of many household items.
 
The transaction is expected to close within the third calendar quarter, subject to certain customary conditions.
 
2013 sales for the Hardware business are estimated to be approximately USD255m. Gross proceeds from the transaction are expected to be USD214m, which includes the retention of accounts receivable. The company anticipates after-tax cash proceeds of approximately USD175m. Rothschild acted as financial advisor to Newell Rubbermaid on this transaction.
 
“The successful sale of our Hardware business will leave us with a focused, cohesive portfolio of brands in five core business segments, each of which have significant potential to grow through innovation, brand development and selective emerging market expansion. That’s the growth game plan in action,” says Michael Polk (pictured), Newell Rubbermaid’s president and chief executive officer.

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