Atlanta-based Newell Rubbermaid announced it has closed the sale of its Hardware business, which includes the Amerock, Ashland, Bulldog and Shur-Line brands, to Nova Capital, a specialist acquirer of corporate and private equity portfolios.
The transaction was first announced Aug. 9.
The transaction provides Newell Rubbermaid with a more cohesive and focused portfolio of brands in five core business segments, the company said. As previously announced, gross proceeds from the transaction were $214 million, which includes the retention of accounts receivable. The company will receive after-tax cash proceeds of approximately $175 million.