Nova Capital Finalizes Purchase of Ashland Hardware Systems
Nova Capital has finalized a $214 million deal to buy a portfolio of businesses within Newell Rubbermaid's Hardware group in North America that includes Ashland Hardware Systems, a supplier of hardware to the OEM window and door business, and four other home improvement and hardware brands: Amerock, Bulldog, Drapery Hardware and Shur-Line.
"Nova is committed to targeted investment in these businesses to drive future growth," says David Jacobs, Nova investment partner. "Our proven track record of combining operational and financial expertise is well established and has consistently added value to acquired businesses. This collection of strong brands and long-standing channel partnerships is well positioned to capitalize on the up-turns in the U.S. housing, home improvement and consumer markets."
Nick Morrisroe, formerly of Newell Rubbermaid, will continue to serve in his role of VP and GM for the combined hardware businesses. David 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.