NOVACAP ACQUIRES MAJORITY INTEREST IN
CANADIAN OUTDOOR LIVING SUPPLIER, MULTY HOME
MONTREAL, QUÉBEC (July 13, 2021)
Novacap, one of Canada's leading private equity firms, today announced it has acquired a controlling interest in Multy Home, an Ontario-based global manufacturer of outdoor living and functional flooring products for the home and commercial spaces. With a clear vision for the future of Multy Home, Novacap intends to leverage the brand's unique approach to sustainable development as a means to elevate the company's comprehensive portfolio of innovative products, further positioning Multy Home as an industry leader and expanding its global footprint.
Throughout its 30 years of existence, Multy Home has developed long standing relationships with some of the world's largest and most influential retailers. Ranging from home improvement stores, warehouse clubs, food & drug discounters, to e-commerce platforms, Multy Home distributes products to over 24,000 retail locations across North America and Europe, in addition to working with more than 15 e-commerce platforms.
Further to being a credible entity in the spheres of outdoor living and functional flooring products, Multy Home has a strong history of product innovation. From incorporating sustainable materials into their manufacturing processes and converting post-industrial plastic waste into consumer products, to having the ability to divert discarded materials from Ontario landfills to develop products for its customers, Multy Home leads by example. In fact, 50% of the Company's Functional Flooring products and 100% of its Lawn & Garden products are made from recycled materials. Their commitment to developing green, sustainable, innovative products and patented formulations, combined with an entrepreneurial and innovative approach, are what make Multy Home an ideal partner for Novacap.
Multy Home is also an engaged and responsible corporate citizen, providing ongoing support to its local healthcare institutions and frontline workers.
Co-Founder and President of the company, Derek Erdman, grew the business into the unique market leader it is today. Under this agreement, Multy Home's current management team will remain in place under Erdman's leadership.
"We are extremely excited to be making this announcement," said Erdman. "Novacap is a trusted advisor, with the experience and knowledge needed to propel the company into the next phase of growth. Our mutual vision and our exceptionally talented teams are well-aligned to ensure a successful transition. We are all highly confident in the future of Multy Home."
"For Novacap, it's the history of product innovation and a solid reputation as an industry leader that made Multy Home an ideal venture for us," said Jean-François Routhier, Senior Partner at Novacap. "We aim to support Multy Home as they pursue their growth trajectory, making them the leading green innovator and designer of outdoor living and flooring products throughout North America and Europe."
The partnership between Multy Home and Novacap will be led by an entrepreneurial team, with an unmatched appetite for growth, which will help funnel Multy Home's immense growth potential, and increase traction in North America and across Europe.
Founded in 1981, Novacap is a leading Canadian private equity firm with more than C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, Industries and now Financial Services, Novacap's deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial funding, Novacap has the resources and knowledge to build world-class businesses. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit www.novacap.ca.
About Multy Home
Multy Home is a global manufacturer of floor protection mats and outdoor living products headquartered near North York, Ontario. With two manufacturing facilities in the Greater Toronto Area, Multy Home's environmental sustainability initiatives include use of recycled rubber, from used car and truck tires diverted from landfills in North America and Europe.
SOURCE Novacap Management Inc.