London and Chicago based investment firm Nova Capital Management Limited announced today the acquisition of Walbro Co. Ltd., through an investment vehicle formed in partnership with Landon Capital Partners. Michigan-based Walbro is a global market leader in the manufacture of engine management and fuel systems for the lawn & garden, recreation & marine and ground support markets. Financial terms were not disclosed.
“We are excited by the growth prospects of Walbro,” said 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 U.S. 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 added.
The transaction was concluded in close partnership with Landon Capital Partners, based in Boston, Massachusetts. “We are delighted to have them as a partner,” said Omiros Millas, Investment Partner for Nova. “They, like Nova, have deep expertise in niche manufacturing, with a proven track record of supporting profitable growth.”
Walbro is a global market leader in the manufacture of engine management and fuel systems for the Lawn & Garden, Recreation & Marine and Ground Support markets, with operations in the United States, Japan, Mexico, Thailand and China, with over 2300 employees. Walbro supplies multi-layer fuel storage and combustion technologies to meet stringent environmental requirements. Walbro was founded in Michigan in 1950 and is headquartered in Virginia. For further information on Walbro visit: www.walbro.com
Landon Capital Partners (“LCP”) is the direct private equity investment group of the Landon family and its select family office co-investment partners. LCP invests in middle market private equity opportunities primarily in the United States. Landon’s mission is to source, acquire, and manage lower middle market private equity buyouts, targeting opportunities for control equity positions in companies with $5 to $20 million of EBITDA. Preferred LCP investment targets display a high percentage of recurring revenue and strong free cash flow conversion and seek to leverage LCP’s flexible approach to partnership and long-term growth orientation. LCP began operations in 2015 and has offices in Boston and London. For more information, visit: www.landoncapital.com
Nova Capital Management is a pioneer in portfolio buy-outs, specialising in acquiring multiple businesses in a single transaction from corporate or financial sellers. Since its foundation in 2002, Nova has executed international transactions with a value of over $1.7bn from offices in London and Chicago and managed, and successfully exited, investments in over 75 portfolio companies.
For further information on Nova visit: www.nova-cap.com
White Cap Expands Canadian Operations with Acquisition of National Concrete Accessories (NCA)
Transaction Will Enhance Capabilities to Serve Customers with Broader Product & Service Offerings and Expanded Reach
ATLANTA – August 3, 2021 – White Cap Supply Canada, Inc. (“White Cap”) reports it has closed on the previously announced agreement to acquire National Concrete Accessories Canada Inc. (“NCA”), an Alberta corporation. NCA is now part of White Cap Supply Canada, which is comprised of Brafasco and Brock White Canada (“BWC”), forming a single Canadian business.
This combined business, which is intended to mirror the long-term success of White Cap in the United States, will be led by Vasken Altounian as Business Unit President and Neil Fast as Regional Vice President, and will report into Alan Sollenberger, President of White Cap.
“We are very excited about this milestone as it allows us to accelerate what we set out to do when the Brafasco and Brock White Canada teams first combined on October 19, 2020,” said Vasken Altounian, Business Unit President of White Cap Supply Canada. “White Cap Supply Canada strives to become the leading construction products and services distributor in Canada that is best known for an unmatched commitment to living by our company values and to providing exceptional service for our customers.”
“I am excited for the new opportunities this acquisition will provide our White Cap team and we look forward to growing stronger thanks to the incredible talent joining us from NCA,” said John Stegeman, Chief Executive Officer of White Cap. “The depth of products, services, and knowledge that NCA brings in concrete forming and accessories complements Brafasco’s specialty in fasteners, tools, and safety products and BWC’s portfolio of building envelope, concrete accessories, masonry, and geotechnical products.”
This acquisition is the first for White Cap since becoming an independent company in October 2020.
Nova Capital’s investee company Exchanger Industries Acquires HRS Heat Exchangers
The combination of best-in-class capabilities will deliver more than 100 years of engineering, manufacturing and operational experience across the energy, food and beverage, environmental and pharmaceutical sectors
CALGARY, July 27, 2021: Exchanger Industries Limited (“EIL”), the Canadian market leader and globally recognized designer and manufacturer of heat transfer products for the energy, petrochemical, industrial and clean power generation sectors, has acquired HRS Heat Exchangers Ltd. (“HRS”). Financial terms were not disclosed.
HRS is widely recognized as the pre-eminent, international specialist supplier of heat exchangers and custom process systems across the environmental, food, beverage, and pharmaceutical sectors. The seasoned HRS management team will be retained by EIL and play a critical role in executing plans for robust international expansion afforded by the strategic combination of two distinct, yet complementary industry leaders.
“For decades, we’ve worked hard on behalf of our customers in Canada, the U.S. and 25 countries worldwide, consistently providing them with mission-critical, innovative solutions in some of the most demanding environments,” stated Mark el Baroudi, EIL’s CEO. “The HRS acquisition will provide numerous benefits to our customers including a broader capability to provide heat transfer solutions to environmentally sustainable projects in the biogas and wastewater treatment sectors, in addition to EIL’s existing projects in clean power generation, Liquified Natural Gas (LNG), emissions-free power storage and biofuels applications.”
To deliver these projects competitively, the acquisition provides EIL immediate access to a cost-effective global footprint with scalable hubs in both India and Spain, and a combined portfolio of anti-fouling technologies that enhances differentiation and acts as aunique platform to create value for customers.
Additionally, el Baroudi stated that the acquisition of HRS Heat Exchangers provides EIL an extraordinary opportunity to expand their exposure to an impressive international customer base across rapidly growing geographic market positions in the U.S., U.K., Spain, Mexico, India, the Middle East, Malaysia, Australia and New Zealand. As evidence of this opportunity, HRS was ranked number 161 in U.K.’s prestigious Sunday Times HSBC international top league table that tracks the international growth of U.K. based companies.
“We’re thrilled to join the EIL family and continue our journey to building a highly respected global supplier of heat transfer products,” added Steven Pither, founder and CEO of HRS. “Leveraging EIL’s expertise in designing innovative heat transfer systems and their established track record in creating streamlined, highly efficient business processes will allow us to enhance our product offering and effectively scale our Spanish and Indian manufacturing operations, delivering timely, cost effective solutions to our customer base around the world. We are confident that this will drive growth to the next level.”
“Our combined manufacturing capability and leading-edge product technologies will strengthen our value proposition and increase market penetration internationally,” said el Baroudi. “In short, this acquisition combines the capabilities of both parties to enhance an already differentiated market position. It creates better outcomes for everyone we serve.”
About Exchanger Industries Limited
Founded in Alberta Canada in 1961, Exchanger Industries Limited has more than sixty years of experience in the engineering, design, fabrication, and servicing of heat transfer solutions for the most demanding, mission critical applications. Serving customers across Canada and in 25 countries around the world, EIL’s mission is to provide cost effective investment and operating solutions through the practical application of heat transfer solutions in a wide variety of situations. EIL employs the best people in the industry and uses leading edge technologies, resulting in price-competitive solutions that are more energy efficient, long lasting and which minimize maintenance and downtime. For more information, visit www.exchangerindustries.com.
About HRS Heat Exchangers Limited
Founded in 1981, the HRS Group operates at the forefront of thermal technology, offering innovative and effective heat transfer products worldwide with a strong focus on managing energy efficiently. The company offers plate heat exchangers, corrugated tube heat exchangers (annular space heat exchangers, double tube heat exchangers, multitube heat exchangers) and scraped surface heat exchangers. HRS products and systems are used in HEVAC, food processing, chemical, pharmaceutical, water and energy industries, waste management and environmental protection. In 2019, HRS was ranked number 161 in the U.K.’s prestigious International Track 200 League Table. For more information, visit https://www.hrs-heatexchangers.com/.
About Nova Capital Management Limited
Nova is a pioneer in portfolio buy-outs, specialising in acquiring multiple businesses in a single transaction from corporate or financial sellers. Since its foundation in 2002, Nova has executed international transactions with a value of over $1.7bn from our offices in London and Chicago. For more information, visit https://nova-cap.com
Industry Leader in Private Asset and Fund Optimization Establishes Base of Operations in UK/EU
Kirchner Group and Nova Capital Management Form Strategic Alliance
Birmingham AL, London and New York – 20 October 2020 – Kirchner Group is pleased to announce that in response to market demand it has formed a joint venture with Nova Capital Management.
The newly formed Kirchner-Nova strategic alliance will leverage the unprecedented experience and proprietary models related to under resourced – underperforming and end of fund life for VC and PE assets pioneered by Kirchner Group via a team of highly experienced asset managers based in Europe. Kirchner-Nova will focus on private asset and fund optimization services for LPs and GPs in the United Kingdom and European Union.
“Since first developing this model over a decade ago, we have seen a steady increase in demand as we have customized our services to create value for both LPs and GPs,” commented W.B. (Bud) Kirchner, Founder and CEO of Kirchner Group. “Our extensive hands-on experience in creating liquidity and return on capital in a variety of underperforming and end of life funds has created a demand beyond our original base of North America and we are excited to partner with Nova to address this need.”
Kirchner has been deploying its unique private asset and fund optimization model and incorporating ‘lessons learned’ since pioneering it in 2004. The model has been developed across a series of funds ranging from early stage venture to mid-market buyout. The firm has created significant value in over twelve funds, including more than 130 companies around the world – in a spectrum of roles including: Assessments – LP Advisor – LPAC Advisor – Co-GP – Successor GP. Kirchner’s clients include HarbourVest, Landmark Partners, CIGNA, Prudential, Glouston Capital and many others, including family offices, commercial banks and institutional investors.
Nova has been managing private equity portfolios and investments across Europe since its 2002 formation. In addition to managing investments in its own funds, it has also undertaken a number of bespoke assignments to manage investments on behalf of limited partners and general partners wanting to introduce Nova’s strong operational portfolio management approach to their investments. Nova has been working successfully in partnership with the Kirchner Private Asset and Fund Optimization Group on a portfolio over the last five years, and that strong working relationship has formed the bed-rock of the new strategic alliance.
David Williamson, CEO of Nova commented, “We have worked very productively with the Kirchner team over the past 5 years, achieving a significant turnaround in performance of an underperforming portfolio. I believe we are a very effective team with complementary skillsets. What we have in common are our strong operational skills and transparent communication styles. We are very excited to be formalizing our relationship through this joint venture and to be able to introduce Kirchner’s private asset and fund optimization knowhow into the European market.”
Kirchner Group was founded in 1985 as a boutique advisory firm and today operates various subsidiaries, providing advisory services (M&A, assessments, diligence) and operational support (interim management, workouts, turnarounds) as well as asset management (dedicated, private asset and fund optimization) – all leveraging a proprietary approach that dovetails domain and process expertise.
Throughout the decades Kirchner Group has been internationally recognized for its unique business model centered around creating value while promoting values: “earning while returning”. The firm has also established a reputation for building and rebuilding important business and social paradigms based on its deep entrepreneurial orientation.
Kirchner Group pioneered its private asset and fund optimization program over a decade ago to help traditional and impact investors and their LP’s enhance value creation and bring the necessary resources to ensure investment success. The initiative works to help limited partners and limited partner advisory committees to realign interests and help their fund managers optimize value through the return-of capital phase of fund lives.
Kirchner Group’s clients and partners include early stage to mid-market companies, venture capital and private equity firms as well as family offices and some of the world’s largest insurance companies, commercial banks and institutional investors. Stay up to date on the firm’s initiatives and activities by following us on LinkedIn.
Blair Kirchner | Managing Director | +1 902.817.2405 | firstname.lastname@example.org
Nova Capital Management
Nova Capital Management is a pioneer in portfolio buy-outs, specializing in acquiring multiple businesses in a single transaction from corporate or financial sellers. Since its foundation in 2002, Nova has executed international transactions with a value of over $1.7bn from offices in London and Chicago and managed, and successfully exited, investments in over 100 portfolio companies.
David Williamson | Founder & Managing Partner | +44 (0) 207 901 1799 | email@example.com
Kirchner-Nova combines the expertise and experience of Kirchner Group and Nova Capital Management. The strategic alliance will focus on private asset and fund optimization services in the United Kingdom and European Union. The group leverages the synergies of numerous proprietary models and local market presence to create value in funds that are underperforming or at end-of-life. Established on the back of many years of partnership managing a portfolio the formation of Kirchner-Nova represents a long overdue alternative option for asset managers and institutional investors in Europe who are facing challenging circumstances.
W.B. (Bud) Kirchner | Founder and CEO | +1 954.629.9435 | firstname.lastname@example.org
New partnership brings together Shur-line Paint Sundries and Bulldog Hardware with World and Main brands
CRANBURY, New Jersey – October 8, 2018 – Nova Capital Management is pleased to announce that it has merged its consumer brands, Shur-Line™ and Bulldog Hardware™, with World and Main, LLC’s retail brands, formerly owned by Littlejohn & Co. This merger brings together excellence in product development, global sourcing, manufacturing, logistics, channel access, and customer support to national, regional, co-op and independent hardware channels.
World and Main, based in Cranbury, NJ, offers a unique combination of product development, merchandising and global sourcing across a family of brands and distributes these products to national, regional and independent hardware stores. World and Main’s owned brands include Comfort Zone™ portable fans and heaters, Bright-Way™ electrical supplies, Helping Hand™ housewares, PXpro™ paint tools, WordLock™ locks, and AquaPlumb™ faucets and repair parts. The Shur-Line and Bulldog businesses are leading providers of branded and private label Do-It-Yourself, home improvement products for regional and national retailers, and independent hardware stores. Shur-Line’s manufacturing expertise will be brought to bear across World and Main’s broad supplier network to achieve even greater quality and efficiencies. Each of these businesses has long-term customer relationships fostered through a track record of category expertise, innovation and excellent quality/value.
“We are excited to have Mark Rostagno and the very strong management team he has created at Shur-Line/Bulldog for the acquisition of World and Main. We believe his strong operational focus will enable us to add real value to the World and Main business. Equally, we believe we are acquiring a solid business with strong, long-standing customer relationships and talented managers. It is a great combination,” said David Williamson, Founder, Chairman & Managing Partner, Nova Capital Management.
“We are pleased to close on this strategic merger for our two companies that enabled us to combine a great company like World and Main with our original investment in the Shur-Line and Bulldog businesses and brands,” said Jan Kreminski, partner, Nova. “As a result, the combined companies will benefit from a complementary brand portfolio, an expanded product offering, broader distribution and customer access, sophisticated sourcing through a large global network of manufacturers, an experienced management team and attractive synergies.”
“The merger of World and Main with the Shur-Line and Bulldog businesses will allow us to accelerate our strategic growth plans by leveraging the combined companies’ sourcing, manufacturing and logistic capabilities and broad customer reach. We look forward to providing our valued customers with an expanded product offering and innovative new products while continuing to deliver the high level of quality and service they require and have come to expect,” stated Mark Rostagno, CEO of the combined companies.
About Nova Capital Management
Nova is a pioneer in portfolio buy-outs, specializing in acquiring multiple businesses in a single transaction from corporate or financial sellers. Since its foundation in 2002, Nova has executed international transactions with a value of over $1.7bn from our offices in Chicago and London. Nova acquired both Shur-Line and Bulldog in 2013 as part of a portfolio of hardware businesses acquired from Newell in a $220m+ transaction. Since then Nova has helped transform the two companies through the recruitment of new management teams led by Mark Rostagno, supporting increased investment in sales, marketing and NPD resources and now through the acquisition of World and Main.
About World and Main
World and Main, LLC is headquartered in Cranbury, New Jersey, with locations in Chicago, Illinois, and Wuxi, China, and stocks and sells over 14,000 SKUs across 15 product categories. This broad basket of products, coupled with World & Main’s exceptional distribution capabilities enables the company to deliver on its value proposition: Delivering Simplicity. Facilitating Success. For more information, visit worldandmain.com.
About Shur-Line Paint
Shur-Line, founded in 1945, designs and manufactures a full line of innovative paint application and paint-project related products for do-it-yourself consumers. Focusing on consumer-driven innovation, Shur-Line develops products that make painting easier, faster and fun. Shur-Line offers a full product line of roller covers, brushes, paint trays, poles, frames, surface prep and edging tools. Shur-Line is committed to launching a steady stream of new products specially designed with the Do-It-Yourself consumer in mind. The corporate office and manufacturing facility are located in St. Francis, Wisconsin. For more information, visit shurline.com.
About Bulldog Hardware
For over 135 years, Bulldog Hardware has been developing fastening products to make Do-It-Yourself projects easier, always delivering professional-looking results. Bulldog Hardware products are strong and reliable with a proven track record of innovation. The product offering includes picture hanging accessories, anchors and specialty fasteners, basic home-improvement hardware such as nuts, bolts and screws and organizational tools for the home. Today, Bulldog Hardware is a major, diversified brand in the convenience hardware category, and its products can be found in many major retailers throughout the country. For more information, visit bulldoghardware.com.
Nova Capital Management (‘Nova’) is pleased to announce that it has entered into a conditional agreement to sell its portfolio company, Ashland Hardware (‘Ashland’), to Tyman plc for a price of $101m.
Further details on the transaction are contained in the attached announcement released by Tyman plc this morning.
Nova acquired Ashland as part of a portfolio acquisition of 5 businesses from Newell Rubbermaid (now Newell Brands) in September 2013. Profits at Ashland have more than doubled under Nova’s ownership.
Nova was advised on the transaction by Robert W. Baird & Co., Reed Smith LLP and Deloitte LLP.
For further information contact:
David Williamson: email@example.com
Jane Kingdom: firstname.lastname@example.org