Blue Wolf Capital Partners, a New York-based private equity firm, today announced that Blue Wolf Capital Fund III L.P., through an affiliate, has acquired New Zealand-based Tenon Holdings’ shares in NACS USA Inc., the Grand Rapids-based holding company for Tenon’s North American operating business. Terms of the deal were not disclosed.
As part of the acquisition, NACS USA Inc. will operate under a new name — Novo Building Products. The company manufactures and distributes moldings, stair parts, doors, and other specialty building products.
Customers include building material dealers (lumber yards), door shops, retail home centers, and millwork manufacturers throughout the United States and some parts of Canada and Mexico.
The company’s North American divisions include The Empire Co., Southwest Moulding Co., Ornamental Mouldings, Ornamental Products, and Creative Stair.
Tom B. Highley, previous CEO of Tenon and president of The Empire Co., has been appointed CEO of Novo Building Products. Most recently, Highley was president and CEO of Guardian Building Products, a distributor 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,” Highley says. “They understand our industry and will provide us with the capital resources and liquidity we need to realize the potential of our business.”
Blue Wolf Capital officials say they plan to make Novo Building Products an industry leading manufacturer and distributor of millwork and specialty building products.
Novo Building Products sources products globally and focuses on the high-value molding and millwork markets in North America. Novo is a supplier of finished moldings and boards to independent pro dealers as well as Lowe’s and Home Depot.