Nova Capital Management Acquires Craig Electronics
CRANBURY, N.J., Oct. 7, 2019 /PRNewswire/ -- Nova Capital Management announced that it has acquired leading consumer electronics company Craig Electronics, headquartered in Miami, Florida. The company is being acquired through an existing investment of Nova's which together will operate under a new corporate identity - H2 Brands Group, (H2 Brands(TM)) - and will include the Craig, Shur-Line, Bulldog, and World and Main businesses.
Craig Electronics is a leading consumer electronics innovator which offers a complete one-stop consumer technology and electronics solution for national big box, food and drug, club, and mass retail distribution. Craig conducts business under a portfolio of brands which includes Craig (owned) and Magnavox (licensed), as well as multiple private label relationships. As part of H2 Brands(TM), Craig will continue to operate as an autonomous business under the leadership of Michael Newman, President, Craig Electronics.
This merger strengthens Nova's consumer products platform and broadens its product offering into the consumer technologies and electronics segment. Craig's entrepreneurial culture, coupled with its R&D capabilities, speed to market and leadership position in providing reputable, quality products at affordable prices (mobile accessories, headphones, clock radios, Bluetooth speakers, towers and tablets) is a perfect complement to H2 Brands' mission of providing consumers omni-channel access to affordable home and hardware products. The combined organization brings together excellence in product development, global sourcing, transportation and logistics, e-commerce capability and sales coverage across all retail channels.
Craig Electronics will join Nova's current consumer brands companies of Shur-Line, Bulldog, and World and Main, which are based in Cranbury, NJ. The Shur-Line and Bulldog businesses are leading providers of branded and private label Do-It-Yourself, home improvement products for regional and national retailers and independent hardware stores. World and Main's owned brands include Comfort Zone(TM) portable fans and heaters, Bright-Way(TM) electrical supplies, Helping Hand(TM) housewares, PXpro(TM) paint tools, WordLock(TM) locks, and AquaPlumb(TM) faucets and repair parts. Each of these businesses has long-term customer relationships fostered through a track record of category expertise, innovation and excellent quality/value.
"We are incredibly excited to be able to utilize the H2 Brands platform to provide our business and retail partners with substantial additional resources while continuing to service them with the same level of commitment they have grown to expect from us," said Michael Newman, President, Craig Electronics.
"The merger of Craig Electronics with H2 Brands provides our customers with additional product adjacencies and speed to market while also enhancing service/delivery through a more robust warehouse and freight network. I look forward to working with Michael to further bolster the capabilities of H2 Brands for the benefit of our valued customers," said Mark Rostagno, Chief Executive Officer, H2 Brands, Home and Hardware.
"We are delighted to announce this strategic partnership for our consumer products platform that enables us to combine solid businesses like Shur-Line, Bulldog, and World and Main with leading consumer electronics company, Craig Electronics," said Jan Kreminski, partner, Nova. "Craig's entrepreneurial spirit is a perfect fit to our business culture, and the combined companies will benefit from a complementary brand portfolio. Craig's expanded product offering and strategically located Hong Kong office will also add broader sourcing capabilities and product access," said Kreminski.
"We are excited to add Craig Electronics to our consumer products portfolio. We believe we are acquiring a strong business in the consumer electronics segment with a tenured and talented management team and strong, long-standing customer relationships. It is a great fit," said David Williamson, Founder and Managing Partner at Nova.
About Nova Capital Management
Nova is a pioneer in portfolio buy-outs, specializing in acquiring multiple businesses in a single transaction from corporate or financial sellers. Since its foundation in 2002, Nova has executed international transactions with a value of over $1.7bn from our offices in Chicago and London. Nova acquired both Shur-Line and Bulldog in 2013 as part of a portfolio of hardware businesses acquired from Newell in a $220m+ transaction. Nova acquired World and Main brands in 2018 and Craig Electronics in September 2019. Nova has helped transform these companies through the recruitment of new management teams led by Mark Rostagno, supporting increased investment in sales, marketing and NPD resources.
About H2 Brands Group
H2 Brands is headquartered in Cranbury, New Jersey, with locations St. Francis, WI, Freeport, Illinois, Miami, Florida, Los Angeles, California, Wuxi, China, and Hong Kong, and stocks and sells over 12,000 SKUs across 16 product categories. Its portfolio includes heritage brands Shur-Line paint accessories, Bulldog hardware, and Craig Electronics as well as owned-brands Comfort Zone, Ultra Hardware, AquaPlumb, and WorldLock distributed under the World and Main umbrella. This broad basket of products, coupled with World and Main's exceptional distribution capabilities, enables the company to deliver on its value proposition: Delivering Simplicity. Facilitating Success. For more information, visit worldandmain.com.
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SOURCE Nova Capital Management
