ZEELAND — New York City-based private equity firm Blue Wolf Capital Partners has entered into a definitive agreement to sell Novo Building Products LLC.
Blue Wolf plans to sell Zeeland-based Novo, which manufactures and distributes specialty building products like moulding, millwork and stair parts, to Hardwoods Distribution Inc., one of North America’s leading distributors for architectural grade building products.
Blue Wolf acquired Novo in 2016 from publicly traded, New Zealand-based timber products manufacturer Tenon Limited, which has since been delisted and liquidated.
Following the 2016 acquisition, Blue Wolf developed a value creation plan for Novo that involved diversifying both its customer base and product portfolios through organic growth and strategic acquisitions, as MiBiz previously reported.
In 2019, Blue Wolf appointed one of its own strategic advisers, long-time building products industry executive George Judd, to take the helm as CEO of Novo.
Novo currently operates 14 facilities, concentrated mostly throughout the East Coast and Midwest regions.
“Today marks an exciting day for Novo, and underscores the great progress we have made in partnership with Blue Wolf to significantly improve the company’s operational and financial performance and build upon its leadership position in the specialty building products sector,” Judd said in a statement. “I am confident that (Hardwoods Distribution Inc.) is the ideal long-term owner for Novo and expect that our employees will benefit from new opportunities as part of HDI’s larger platform.”
Blue Wolf did not disclose the terms of the deal, which is expected to close in July or August.
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