Novacap acquires majority interest in Multy Home
Multy Home incorporates sustainable materials into their manufacturing processes and converts post-industrial plastic waste into consumer products.
MONTREAL — Novacap, a Canadian private equity firm, announced it has acquired a controlling interest in Multy Home, an Ontario-based global manufacturer of outdoor living and functional flooring products for the home and commercial spaces. Novacap intends to leverage the brand’s approach to sustainable development as a means to try and elevate the company’s comprehensive portfolio of products.
Multy Home has developed long standing relationships with global retailers. Ranging from home improvement stores, warehouse clubs, food & drug discounters, to e-commerce platforms, Multy Home distributes products to over 24,000 retail locations across North America and Europe.
Multy Home incorporates sustainable materials into their manufacturing processes and converts post-industrial plastic waste into consumer products, using discarded materials from Ontario landfills to develop products for its customers. 50% of the Company’s Functional Flooring products and 100% of its Lawn & Garden products are made from recycled materials.
Co-Founder and President of the company, Derek Erdman, has been with the company since the beginning. Under this agreement, Multy Home’s current management team will remain in place under Erdman’s leadership.
“We are extremely excited to be making this announcement,” said Erdman. “Novacap is a trusted advisor, with the experience and knowledge needed to propel the company into the next phase of growth. Our mutual vision and our exceptionally talented teams are well-aligned to ensure a successful transition. We are all highly confident in the future of Multy Home.”
“For Novacap, it’s the history of product innovation and a solid reputation as an industry leader that made Multy Home an ideal venture for us,” said Jean-François Routhier, Senior Partner at Novacap. “We aim to support Multy Home as they pursue their growth trajectory, making them the leading green innovator and designer of outdoor living and flooring products throughout North America and Europe.”