Nova Capital Management, an acquirer of corporate and private equity portfolios, has hired Richard Lobo as an Investment Partner. Mr. Lobo has spent the last 20 years with CHS Capital. As a Partner and member of CHS’ Investment Committee, he has been directly involved in dozens of transactions and brings private equity experience to the Nova team. He will be based in the firm’s Chicago office.
Nova opened its North American headquarters in Chicago in January this year. This appointment follows Nova’s recent announcement of an agreement to acquire a portfolio of businesses from Newell Rubbermaid’s Hardware group for $214 million. The acquisition includes five home improvement and hardware brands including Amerock, Ashland, Bulldog, Drapery Hardware and Shur-Line. The transaction is expected to close in the third quarter.
“The North American market for Nova remains strong for our unique tailor made portfolio approach for corporate and private sellers. Adding Rich to our North American team will enable us to further serve this exciting and growing market,” said David Williamson, Nova’s Managing Partner. “Rich brings significant skills and experience and will help support our pipeline of new opportunities as well as the development of our existing portfolio companies under current ownership. We will continue to add resources in Chicago in order to support our growth strategy in North America.”
Nova Capital Management has acquired or taken over the management of private equity portfolios representing a total transactional value of some $1.8 billion. The firm currently manages investments in 29 businesses primarily operating in Western Europe and North America, across a range of sectors. The firm was founded in 2002 and has offices in London, Chicago and Toronto (www.nova-cap.com).
“I’m excited to be a part of Nova’s expanding presence here in the United States and look forward to working with Jan, David and the rest of the team to continue Nova’s rapid growth. Nova’s strategy of acquiring portfolios of assets in a single transaction is both highly differentiated and is becoming increasingly attractive to both corporate and private equity sellers,” said Mr. Lobo.
“Rich is a great addition to Nova and his decision to join our team represents a significant step forward in our plans to build a strong presence in the North American market,” said Jan Kreminski, one of Nova’s Operating Partners in North America.
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-10-13