Blue Wolf Capital Acquires Re-Named Tenon Holdings as Novo Building Products
NEW YORK — Blue Wolf Capital Partners LLC, a 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’ 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 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). Most recently, Highley 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 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.
Source: Business Wire