On August 3, 2021, Hardwoods Distribution Inc. (HDI) completed its acquisition of Novo Building Products Holdings from an affiliate of Blue Wolf Capital Partners for US$302 million. In connection with the closing of the acquisition, HDI closed on a new credit facility. The new credit facility consists of a revolving credit facility of US$225 million which can be drawn upon in U.S. dollars and Canadian dollars, and a term loan of US$375 million. The acquisition of Novo will provide HDI with entry into the home center and home builder distribution channels and supports HDI’s strategy to grow market share and expand its product offering in the architectural building products industry.
HDI is one of North America's largest distributors of architectural grade building and millwork products to the residential, repair and remodel, and commercial construction industries.
Novo is a value-added distributor and manufacturer of specialty building products. Novo supplies mouldings, stair parts, doors, and other specialty millwork products to customers throughout the United States and in parts of Canada and Mexico. Novo operates out of 14 facilities, primarily in the Eastern and Midwestern U.S., Florida and Texas. The company's divisions include Empire Moulding & Millwork, Southwest Moulding & Millwork, Ornamental Decorative Millwork, LJ Smith Stair Systems and Novo Direct.
Osler, Hoskin & Harcourt LLP was Canadian counsel to HDI with a team consisting of Trevor Scott, Jason Comerford, Minji Park (Corporate), Martha Martindale and Matthew Di Prata (Financial Services).