Nova Capital has acquired a portfolio of businesses within Newell Rubbermaid’s hardware group in North America for USD214m.
The acquisition was announced on 9 August 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 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,” says David Jacobs, Nova investment partner. “This collection of strong brands and long standing channel partnerships is well positioned to capitalise on the up-turns in the US 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. 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 added a North American headquarters earlier this year and has recently added key leadership and staff to its team there to support the company’s accelerating business growth in North America. In September 2012, Nova completed the acquisition of five industrial businesses in the US including all of the operating subsidiaries of Latshaw Enterprises in a single transaction. In August 2011, Nova completed the acquisition of five industrial businesses in Canada.