Specialist equity portfolio acquirer Nova Capital announced that it has inked an agreement Newell Rubbermaid to buy its hardware businesses valued at USD 214 million. The private equity firm said it will buy the latter's five hardware and home improvement brands. Bulldog, Drapery Hardware, Ashland, Amerock and Shur-Line were the businesses sold to Nova Capital.
Nova Investment Partner David Jacobs said that the acquisition shows his firm's unique strategy of enabling sellers to offer their non-core assets in one transaction. He also said that the their new acquisitions "are well-positioned to grow their respective share and performance based on a history of superior product quality, service and innovation, in combination with long term partnerships in retail, OEM and two-step distribution channels."
As part of the deal, David Jacobs will become a board member of the businesses acquired while Nick Morrisroe, the Vice President and General Manager of Hardware for Newell Rubbermaid, will remain in his current role. The sale is expected to be completed in the third quarter of this year.
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