Sandy Springs-based Newell Rubbermaid Inc. said it has completed the sale of its hardware business to Nova Capital for $214 million. Newell Rubbermaid will receive after-tax cash proceeds of about $175 million.
The business includes the Amerock, Ashland Hardware Systems, Bulldog Hardware and Shur-Line brands, which have combined revenue of $255 million. The companies produce knobs, latches and other cabinet hardware.
Newell Rubbermaid has been cutting costs by shedding business units while focusing more on its stronger products. In July it announced the sale of its Mimio and Headsprout interactive teaching technology brands to Skyview Capital.
Newell Rubbermaid’s other brands cover a range of products, from writing instruments such as Sharpie, Parker and Paper Mate to baby products made by Graco and home products such as Calphalon pots, Levolor blinds and Rubbermaid plastic food containers.
Nova Capital specializes in acquiring corporate and private equity portfolios.