The specialist accquirer for portfolios in the corporate and private equity markets,Nova Capital, announced its entry into a definitive agreement with the hardware group of Newell Rubbermaid. The agreement involves the acquisition of five home improvement and hardware brands, namely Amerock, Ashland, Bulldog, Drapery Hardware and Shur-Line and would cost USD 214 million.
According to Nova Investment Partner David Jacobs, "We are thrilled to be acquiring this collection of strong brands, which 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. In addition to their strong foundational attributes, these businesses should also benefit from the up-turns in the U.S. housing, home improvement and consumer markets. Our priority is to accelerate the current plans in place to optimize these businesses for future growth through stewardship and appropriate investment,"
He added, "The acquisition is another example of Nova's unique approach to delivering corporations and private sellers a solution for the sale of multiple non-core assets in a single transaction."
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