London-based private equity firm Nova Capital announced recently that it has acquired a portfolio of businesses from Atlanta-based Newell Rubbermaid Inc.’s hardware group, including Shur-Line Inc., for $214 million.
Huntersville, N.C.-based Shur-Line has significant operations in St. Francis. St. Francis-based EZ Paintr Corp., a painting supplies manufacturer, bought Shur-Line Co. in 2000. A subsidiary of Newell Rubbermaid, EZ Paintr changed its name to Shur-Line, A Newell Rubbermaid Co., in 2002.
As part of the acquisition of Shur-Line, Nova Capital acquired Shur-Line’s facility in St. Francis for $3.74 million, according to state records. The 297,297-square-foot building sits on a 9.7-acre site. The deal was recorded on Wednesday, Sept. 18.
Representatives for Shur-Line and Nova Capital could not be immediately reached for comment.
Besides Shur-Line, other businesses acquired in the deal by Nova Capital from Newell Rubbermaid include Amerock, Ashland, Bulldog and Drapery Hardware.
In a news release on the acquisition, Nova investment partner David Jacobs said, “Nova is committed to targeted investment in these businesses to drive future growth. 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.”
