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: d.williamson@nova-cap.com

Jane Kingdom: j.kingdom@nova-cap.com