MONTREAL—Canadian private equity firm Novacap 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.
Terms were not disclosed. Novacap said it intends to leverage Multy Home's approach to sustainable development to elevate the company's portfolio. Multy Home uses recycled rubber from used car and truck tires diverted from landfills in North America and Europe.
Multy Home distributes products to more than 24,000 retail locations across North America and Europe, in addition to working with more than 15 e-commerce platforms. Its partners include home improvement stores, warehouse clubs, and food and drug discounters.
"Multy Home has a strong history of product innovation," Novacap said in a release. "From incorporating sustainable materials into their manufacturing processes and converting post-industrial plastic waste into consumer products, to having the ability to divert discarded materials from Ontario landfills to develop products for its customers, Multy Home leads by example."
Half of Multy Home's functional flooring products and 100 percent of its lawn and garden products are made from recycled materials, Novacap said.
"Their commitment to developing green, sustainable, innovative products and patented formulations, combined with an entrepreneurial and innovative approach, are what make Multy Home an ideal partner," Novacap said.