IMAP is pleased to announce that private equity firm Novacap has acquired Bush Industries. Terms of the transaction were not disclosed.
Bush Industries is a leading designer, manufacturer and distributor of case goods and ready-to-assemble furniture for commercial and residential offices and the home. With facilities in New York, Pennsylvania, California and China, Bush provides easy, fast and affordable furniture solutions to consumers through e-commerce, office superstore, and contract commercial markets.
Novacap is a Canadian private equity firm with $3.6 billion of assets under management. Novacap intends to combine Bush with one of its portfolio companies, Bestar, a Canadian based designer, manufacturer, distributor and online seller of furniture for the commercial office and home. The companies will have combined sales of approximately $260 million.
The IMAP Canada team in Vancouver, led by Michael Janicki and Doug Irwin, acted as sole financial advisor to Bush Industries.