London and Chicago based investment firm Nova Capital Management Limited has acquired Walbro Co Ltd, through an investment vehicle formed in partnership with Landon Capital Partners.
Michigan-based Walbro is a specialist in the manufacture of engine management and fuel systems for the lawn and garden, recreation & marine and ground support markets. Financial terms have not been disclosed.
“We are excited by the growth prospects of Walbro,” says Jan Kreminski, Operating Partner for Nova. “The company is a global leader and provides a wide range of products and services that meet stringent requirements regarding safety and emissions for blue chip customers. Its extensive engineering and international manufacturing capabilities provide for a robust pipeline of new products and innovation to meet current, as well as evolving, future market needs, in close direct partnership with its worldwide customers. This is another acquisition for Nova that will leverage our international expertise.”
The Walbro acquisition continues a busy year for Nova, including the exits of Canadian building products distributor National Concrete Accessories and the US cabinet hardware business, Amerock, as well as the recently announced acquisition of HRS Heat Exchangers by Nova’s portfolio company Exchanger Industries Ltd. “These businesses are market leaders in their served markets and represent a wide range of industry sectors and geographic presence,” Kreminski adds.
The transaction was concluded in close partnership with Landon Capital Partners, based in Boston, Massachusetts. “We are delighted to have them as a partner,” says Omiros Millas, Investment Partner for Nova. “They, like Nova, have deep expertise in niche manufacturing, with a proven track record of supporting profitable growth.”
