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