One of the largest manufacturers of trailers in North America poised to continue significant growth and expansion
New York, NY and Markle, IN, December 15, 2021 – Brightstar Capital Partners (“Brightstar”), a private equity firm focused on partnering with families, founders, entrepreneurs, and management teams, announced today that it has signed a definitive agreement to acquire Novae Corp. (“Novae” or the “Company”), in partnership with the Company’s founder and senior management team. Novae’s Founder and CEO Steve Bermes, and President and COO Chris Storie will continue to lead the Company and retain significant ownership stakes.
Headquartered in Markle, IN, Novae is one of the fastest-growing and well-respected 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. Novae currently has more than 1,100 employees, 15 manufacturing facilities and maintains an active dealer network of more than 500 partners.
“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.”
“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,” said 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.”
“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,” said Chris Storie. “We are confident that, with Brightstar’s support, Novae will remain committed to our core principles as we achieve continued success.”
Fredrikson & Byron, P.A. is acting as legal advisor to Brightstar with Jefferies LLC, Keybanc Capital Markets, Inc., and Nomura Securities International, Inc., acting as financial advisors. Faegre Drinker Biddle & Reath LPP is acting as legal advisor to Novae Corp. with Fifth Third Securities, Inc. acting as exclusive financial advisor.
About Novae Corp.
Headquartered in Markle, IN, Novae is one of the fastest growing and well-respected trailer manufacturers in North America, operating six distinct brands including Sure-Trac, H&H Trailers, CAM Superline, Trailerman, ITI Cargo and Midsota. Founded in 1995, Novae has grown both organically and through acquisitions to become the second largest trailer manufacturer in North America. Novae currently has more than 1,100 employees, 15 manufacturing facilities and maintains an active dealer network of more than 500 partners. For more information, please visit www.novaecorp.com.
About Brightstar Capital Partners
Brightstar Capital Partners is a middle market private equity firm focused on partnering with exceptional families, founders, entrepreneurs and management teams where the firm is ideally positioned to drive value creation. Brightstar employs an operationally intensive approach that leverages its extensive experience and relationship network to help companies reach their full potential. For more information, please visit www.brightstarcp.com.