SOURCE: Nova Capital Management Limited

Nova Capital Management Limited

December 03, 2014 09:00 ET

Nova's Portfolio Company Coast Wire & Plastic Tech., LLC Based in Carson, California Has Been Sold to Alpha Wire

CHICAGO, IL--(Marketwired - Dec 3, 2014) - Nova Capital Management Ltd ("Nova") announced today that it has completed the sale of its portfolio company Coast Wire & Plastic Tech., LLC ("Coast Wire") to Alpha Wire ("Alpha"), an American manufacturer of wire and cable products. Nova acquired Coast Wire in 2012 as part of a portfolio of five industrial businesses previously owned by Latshaw Enterprises ("Latshaw"), a US based industrial holding company.

Coast Wire is a world-class designer and manufacturer of technologically advanced electronic wire and cable products for a variety of industries, and has been in business for over 50 years.

Headquartered in Carson, California, Coast Wire works directly with leading OEMs and subcontractors to support mission-critical cable designs in the some of the most advanced systems and harsh environments.

"This exit comes ahead of schedule and has met expectations for all parties involved," said Jan Kreminski, Nova's Chicago-based Operating Partner. "It is in line with the portfolio strategy we envisaged at the time of the acquisition from Latshaw. We continue to concentrate our resources on the remaining three companies in this portfolio, furthering their development and growth. We believe that Alpha will be an excellent owner of the business."

According to Kreminski, the exit for Coast Wire again demonstrates Nova's specialized capabilities in maximizing investor returns through building and strengthening values of its acquired portfolio companies by focusing on building strong management teams, implementing effective growth strategies, and augmenting core competencies. The result of this approach ultimately attracts a high level of strategic interest in Nova's portfolio companies. A subsequent strategic owner, like Alpha, will further accelerate growth and development of the portfolio company.

Mark Vanderwoude, President & CEO of Coast Wire, said, "Nova has been an excellent partner over the last three years and has invested substantially in our people, our infrastructure and our technology. We have an outstanding employee team with many decades of experience between them and we look forward to integrating our business into the Alpha platform and supporting our customers for many years to come. Being part of Alpha Wire creates new opportunities and broadens our global customer base. We share Alpha's commitment to provide products of the highest quality to meet the most demanding application needs of our customers."

Mike Dugar, President of Alpha Wire, said, "We are pleased to add Coast to the Alpha family. With the addition of Coast's expertise in custom cable design and manufacturing, we offer a superior array of cabling solutions for our targeted markets, including medical device manufacturers and industrial machine builders."

About Nova Capital Management Ltd

Established in 2002, Nova is a pioneer of portfolio buy-outs, specializing in acquiring multiple businesses in a single transaction. Nova currently manages a diverse group of portfolios representing a transactional value of some $1.7 billion. With a 20+ strong team of financiers and business executives, Nova currently manages investments in over 25 businesses primarily operating in North America, Europe and Asia, across a broad range of sectors. It has offices in London, Chicago and Toronto.

Nova Capital Management Limited is authorized and regulated by the Financial Conduct Authority

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