Brightstar Capital Partners has signed a definitive agreement to acquire Novae Corp. in partnership with the company's founder and senior management team, the private equity firm reported Dec. 15. Novae's Founder and CEO Steve Bermes, and President and COO Chris Storie will continue to lead the company and retain significant ownership stakes, according to the deal announcement. Terms were not disclosed.
"The mission and values that Steve and his team at Novae built over 25 plus years have been critical to the company's growth and reputation for best-in-class products among dealers and end customers," said Matthew Allard, partner at Brightstar. "We are extremely excited to partner with Novae and execute on our 'Us & Us' model to accelerate the Company's success in this expanding and fragmented industry."
Headquartered in Markle, Ind., Novae is one of the fastest-growing trailer manufacturers in North America, operating six distinct brands including Sure-Trac, H&H Trailers, CAM Superline, Trailerman, ITI Cargo and Midsota. Novae has grown both organically and through acquisitions to become the second largest trailer manufacturer in North America, the statement said. Novae currently has more than 1,100 employees, 15 manufacturing facilities and maintains an active dealer network of more than 500 partners.
"We appreciate everything the Novae team has done to make this one of the best years in the company's history. Our team has worked tirelessly to consistently deliver on our promises despite the global pandemic." said Steve Bermes. "We look forward to partnering with the Brightstar team to take advantage of their operational expertise and relationship networks to continue Novae's growth trajectory."
The demand for professional trailers has been growing at an increasing rate, and Novae is well-positioned to capture this growth as one of the fastest-growing and customer-centric companies in the industry, noted Reidar Brekke, partner at Brightstar. "The Novae team's operational expertise, strong character and consistent work ethic embody the type of companies and management teams we invest in."
Added Novae’s Storie: "As a business that is dedicated to making quality products, delivering great service, and respecting our employees, customers, suppliers and community, we are pleased to partner with a firm that shares our values. We are confident that, with Brightstar's support, Novae will remain committed to our core principles as we achieve continued success."