Today, Newell Rubbermaid Inc. announced that it had completed the sale of its Hardware business to Nova Capital. The hardware businesses that were sold to Nova included Amerock, Ashland, Bulldog and Shur Line brands. Nova Capital is a specialist acquirer of corporate and private equity portfolios. The sale of Newell's hardware businesses to Nova Capital was first announced last August 9.
Through the transaction, Newell Rubbermaid would be provided with a more cohesive and focused portfolio of brands in five core business segments. The gross proceeds of the transaction amounted to USD214 million. This included the retention of receivable accounts. Newell Rubbermaid Inc. would receive after-tax cash proceeds of around USD175 million.
Newell Rubbermaid Inc. is an S&P 500 company. It operates as a global marketer of commercial and consumer products. In 2012, the company had reached around USD5.6 billion sales. It also has a strong portfolio of leading brands that incled Paper Mate, Rubbermaid Commercial Products, Lenox, Parker and Graco among others. The company had been investing in new marketing and innovation as a part of its growth game plan to accelerate performance.
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