Global law firm Reed Smith has helped leading private equity house Nova Capital Management complete a complex US$214 million acquisition of a portfolio of hardware businesses from Newell Rubbermaid.
The deal saw Nova Capital acquire five standalone businesses - Amerock, Ashland Hardware Systems, Bulldog Hardware, Drapery Hardware and Shur-line - in a single transaction and required a law firm with the breadth and reach of expertise across multiple jurisdictions in Europe, North America and Asia.
The Reed Smith team was led by partners Perry Yam in London and Jeffrey Legault in New York. Reed Smith advised on the acquisition and the legal elements relating to the transition arrangements and provided assistance to a wider team, including Alvarez and Marsal on the deal structuring. Nova was represented by investment partners David Jacobs, Jonathan Seal and Richard Lobo.
Perry Yam, Head of Private Equity for the Europe & Middle East, commented:
“Nova is one of the few private equity houses which acquire multiple assets in a portfolio in a single transaction. The deal required a complicated bespoke structure to house the five different brands and knowledge of the law in North America, Europe and Asia. Being a full-service law firm with strong private equity and tax expertise across the global network, the Reed Smith team was well-placed to advise Nova on its latest expansion in to North America.”
Jeffrey Legault, Corporate partner, said:
“We have been working with Nova, a new client of the firm, for the past 12 months delivering a seamless and consistent service on both sides of the Atlantic. This successful acquisition represents an excellent opportunity for them to grow these businesses through strategic management and investment.”
In addition to Perry Yam and Jeffrey Legault, the Reed Smith team included partners Thao Ngo, Gregory Shatan (corporate) James Tandler, Caspar Fox, Angelo Ciavarella, Russell Boehner, John Martini (tax) Dale Gabbert (financial services) Robert Frank (energy & natural resources) Eugene Connors, Michael Jones, Cindy Schmitt Minniti (employment) and Gavin Eastgate (regulatory). Counsel advising on the deal included Rachel Shim (tax) David Surbeck (financial services) Stephen Millas (real estate) Zack Dong (Asia corporate) and finally associates advising included Chris Sheaffer, Michael Zitelli, Andrew Silver (corporate) Allison Warden Sizemore, Patrick Rowe, Christopher Ochs, Kerry Halpern (tax) Matthew Pitman (financial services) Meghan Offer, Mark Goldstein (employment) Joshua Leventhal (real estate) Shirley Xu (Asia corporate) Michelle Mantine (regulatory) and Molly Nehring (litigation).
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Note to Editors:
About Reed Smith
Reed Smith is a global relationship law firm, with more than 1,800 lawyers in 25 offices throughout Europe, the Middle East, Asia and the United States.
About the Private Equity Team
The Reed Smith Europe & Middle East Private Equity team launched in 2012 with the appointment of Perry Yam (head of the practice) in London and Justus Binder in Munich. The team has advised on half a billion pounds worth of deals since its formation just over a year ago. The firm’s global team has grown to more than 60 transactional lawyers practising throughout Europe, the United States, the Middle East and Asia. The team members operate as leaders in their local jurisdictions, and apply a global perspective working closely with colleagues skilled in tax, securities, intellectual property, employment and benefits, corporate and compliance advice, and all other disciplines required for these types of transactions.
About Nova Capital Management
Nova Capital Management Ltd is an equity management firm founded in 2002 which manages 29 businesses representing a transactional value of over $1.8 billion. Nova’s investments are primarily located in North America, Europe and Asia across a broad range of sectors.
For further information please visit www.reedsmith.com or contact Annabelle Price (Branding & Communication Executive EME) on +44 (0)20 3116 3787.