Sandy Springs-based Newell Rubbermaid Inc. said it is selling its hardware business to Nova Capital for $214 million.
The business includes the Amerock, Ashland Hardware Systems, Bulldog Hardware and Shur-Line brands, which have combined revenue of $255 million.
Newell Rubbermaid has been cutting costs by shedding business units while focusing more on its stronger products. In July it announced the sale of its Mimio and Headsprout interactive teaching technology brands to Skyview Capital.
“The successful sale of our hardware business will leave us with a focused, cohesive portfolio of brands in five core business segments, each of which have significant potential to grow through innovation, brand development and selective emerging market expansion,” said Newell Rubbermaid President and CEO Michael Polk said in announcing the deal with Nova Capital.
Amerock, based in Atlanta, produces decorative cabinet hardware, such as knobs, latches and pulls. Ashland, based in Huntersville, N.C., produces window and door hardware. Bulldog, based in Huntersville, specializes in picture-hanging accessories, anchors and specialty fasteners, in addition to nuts, bolts and screws. Shur-Line, also based in Huntersville, produces paint application and other paint-related products for do-it-yourself consumers.
Newell Rubbermaid’s other brands cover a range of products, from writing instruments such as Sharpie, Parker and Paper Mate to baby products made by Graco and home products such as Calphalon pots, Levolor blinds and Rubbermaid plastic food containers.
Nova Capital specializes in acquiring corporate and private equity portfolios. It has investments in 29 businesses in North America, Europe and Asia.
David Jacobs, a Nova investment partner, said the Newell Rubbermaid businesses it is acquiring should benefit from the strengthening housing market. “Our priority is to accelerate the current plans in place to optimize these businesses for future growth,” Jacobs said in a statement.
Newell Rubbermaid said it expects after-tax proceeds of about $175 million from the deal.
Nick Morrisroe, vice president and general manager of hardware for Newell Rubbermaid, will continue in the roles for the combined businesses, Nova Capital said.
Newell Rubbermaid employs more than 20,000 people worldwide.
