Big changes at World and Main
Under new ownership and joining with Shur-Line and Bulldog Hardware.
Nova Capital Management has merged its consumer brands, Shur-Line and Bulldog Hardware, with World and Main, LLC’s retail brands, formerly owned by Littlejohn & Co.
This merger brings the various entities together for product development, global sourcing, manufacturing, logistics, channel access, and customer support to national, regional, co-op and independent hardware channels.
World and Main, based in Cranbury, N.J., offers a combination of product development, merchandising and global sourcing across a family of brands and distributes these products to national, regional and independent hardware stores. World and Main’s owned brands include Comfort Zone portable fans and heaters, Bright-Way electrical supplies, Helping Hand housewares, PXpro paint tools, WordLock locks, and AquaPlumb faucets and repair parts.
The Shur-Line and Bulldog businesses are providers of branded and private label Do-It-Yourself, home improvement products. Shur-Line’s manufacturing knowledge will be brought to bear across World and Main’s supplier network to achieve improved quality and efficiencies. Each of these businesses has long-term customer relationships fostered through a track record of category expertise, innovation and excellent quality/value, the company said.
Mark Rostagno will serve as CEO of the combined companies.
“We are excited to have Mark Rostagno and the very strong management team he has created at Shur-Line/Bulldog for the acquisition of World and Main,” said David Williamson, founder, chairman and managing partner, Nova Capital Management. “We believe his strong operational focus will enable us to add real value to the World and Main business. Equally, we believe we are acquiring a solid business with strong, long-standing customer relationships and talented managers. It is a great combination,”
Stated Rostagno: “The merger of World and Main with the Shur-Line and Bulldog businesses will allow us to accelerate our strategic growth plans by leveraging the combined companies’ sourcing, manufacturing and logistic capabilities and broad customer reach. We look forward to providing our valued customers with an expanded product offering and innovative new products while continuing to deliver the high level of quality and service they require and have come to expect.”
Jeld-Wen responds to antitrust ruling
: Litigation continues between Jeld-Wen and Steves & Sons.
Jeld-Wen has responded to a ruling made by the United States District Court for the Eastern District of Virginia last week regarding the ongoing antitrust and trade secrets litigation with Steves & Sons, Inc. (Steves).
The court judged against Steves in the amount of $1.2 million, which is in accordance with a previously announced jury verdict in Jeld-Wen’s favor on its claims that Steves misappropriated the door manufacturer’s trade secrets.
Additionally, the court granted Jeld-Wen’s motion to vacate the jury verdict on Steves’ breach of contract claims related to the quality of the company’s doorskins. The ruling eliminates $2.2 million of damages under the previously announced jury verdict on Steves’ breach of contract claims against Jeld-Wen.
Also, the court ruled that divestiture of the company’s facility in Towanda, Pa, the primary asset acquired in Jeld-Wen’s 2012 acquisition of CraftMaster, Inc. and one of the company’s four domestic doorskin manufacturing facilities, is an appropriate remedy in the antitrust litigation.
A final judgment on the antitrust claims and the breach of contract claims has not yet been entered in the case, and Jeld-Wen said it does not expect a final judgment until later this year. Jeld-Wen said it opposes any judgment that might award damages to Steves.
According to the latest ruling, if divestiture of the Towanda facility is included in the final judgment, the divestiture would not be required until after the appeal process is complete. The initial appeal process is expected to take approximately 9-18 months following entry of a final judgment. If necessary, the appeal process would be extended by an additional 6-18 months.
“Jeld-Wen firmly maintains that it has not violated any antitrust laws. We will use all of our available resources to continue to challenge the erroneous antitrust verdict,” said Gary Michel, Jeld-Wen president and CEO. “While the ruling on the remedy of divestiture of our Towanda facility is disappointing, it will not alter our focus as we will continue to provide industry-leading products and services to our customers. Additionally, we will continue to support the growth and development of our dedicated employees at the Towanda facility.”
Jeld-Wen noted that if it is required to sell the Towanda facility, the move would be “both unprecedented and fundamentally incorrect as a matter of law.” The Charlotte, N.C.-based window and door company said that no U.S. court has ever permitted divestiture as a remedy in private
For the fiscal year ended 2017, the Towanda facility generated external revenues of approximately $120 million from Steves and other third-party customers related to doorskins and other building products. The majority of Towanda’s doorskin manufacturing capacity is used by the Jeld-Wen in its own door assembly operations.
Jeld-Wen continues to supply doorskins to Steves in the ordinary course of business pursuant to a long-term agreement that is currently set to terminate in September 2021.
Lowe’s, Carolina Panthers meet the Challenge
Lowe’s partners with local NFL team to renovate a Play 60 Challenge Course.
The Carolina Panthers football team and Lowe’s Home Improvement recently unveiled an updated Play 60 Challenge Course in Charlotte, N.C.
Mecklenburg County Park & Recreation estimates 65,000 people use the Play 60 Challenge Course each year and more than 1.5 million visit the park annually.
About 50 Boys and Girls Club members joined the Panthers and Lowe’s in giving the course a $250,000 refresh. This includes a variety of new fun and challenging obstacles designed to develop agility, balance and coordination for both children and adults. It maintained some of the play space’s popular features, including the 40-yard dash.
Nearly 60 volunteers from Lowe’s and vendor partner Sakrete had a day of service to help upgrade the challenge course. Volunteers assembled and installed equipment, pouring 43,000 pounds of concrete to anchor the course in place.
Boys & Girls Club members were led to the course by Panthers players Torrey Smith and Efe Obada, mascot Sir Purr and the Top Cats. Following a brief ceremony, the club members became the first to run the 50-yard dash on the updated course.
The Panthers and Lowe’s previously partnered to build another Play 60 Challenge Course in Charlotte and renovated a local high school football field.