Blue Wolf Capital Partners has acquired Tenon Holdings‘ stake in NACS USA Inc, a maker of moldings, stair parts, doors and other specialty building products. No financial terms were disclosed. NACS USA Inc will now operate under the name Novo Building Products LLC. Also, Tom B. Highley has been tapped as CEO of Novo Building Products LLC.
NEW YORK–(BUSINESS WIRE)–Blue Wolf Capital Partners LLC (“Blue Wolf”), the New York-based private equity firm, today announced that Blue Wolf Capital Fund III, L.P., through an affiliate, has acquired 100% of New Zealand-based Tenon Holdings’ (“Tenon”) shares in NACS USA, Inc. (the holding company for Tenon’s North American operating business). The North American holding company will operate under the new name Novo Building Products, LLC.
Novo Building Products is a leading manufacturer and distributor of mouldings, stair parts, doors and other specialty building products servicing building material dealers (lumberyards), door shops, retail home centers, and millwork manufacturers throughout the United States and some parts of Canada and Mexico. The North American divisions include The Empire Company, Southwest Moulding Company, Ornamental Mouldings, Ornamental Products, and Creative Stair.
Tom B. Highley has been appointed Chief Executive Officer of Novo Building Products, LLC. He is returning to the company, where he had previously served as CEO of Tenon and President of its largest division (Empire). Under Tom’s leadership, Tenon and Empire delivered industry-leading performance in terms of revenue and profitability growth from the peak of the US housing market through the trough. Most recently, Tom served as President & CEO of Guardian Building Products, one of the largest distributors of building products in North America.
“Blue Wolf’s past experience in wood processing and specialty building products distribution uniquely positions the firm to support management in driving value creation strategies,” said Mr. Highley, “They understand our industry and will provide us with the capital resources and liquidity we need to realize the potential of our business.”
“We are strong believers in Novo’s leadership team, and we expect Tom’s return to provide added stability and continuity. We are confident we are the right owner to support Novo in executing on the growth and business transformation plan,” said Michael Ranson, Partner of Blue Wolf Capital.
“Spending the past several months with the company and its management team have us even more excited about investing in Novo. Our goal is to make Novo the industry leading manufacturer and distributor of millwork and specialty building products in North America,” added Charlie Miller, Partner of Blue Wolf Capital.
About Novo Building Products, LLC
Founded in 2016 and headquartered in Grand Rapids, MI, Novo Building Products is a wood products processing, marketing and distribution business. The company sources products globally and focuses on the high-value moulding and millwork markets in North America. Novo is a key supplier of finished mouldings and boards to independent pro dealers and two of the largest home improvement chains in the United States: Lowe’s and the Home Depot.
About Blue Wolf Capital Partners
Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com.