Houlihan Lokey Advises Globe Electric Company

Houlihan Lokey is pleased to announce that Globe Electric Company, Inc. (Globe Electric) has sold a majority interest to Novacap Industries V, LP (Novacap) in partnership with Fonds de solidarité FTQ (FTQ) and Fondaction. The transaction closed on April 30, 2021.

Founded in 1932, Globe Electric’s unique approach to product development has made it a leader in bringing to market products that meet the growing demand for function and design for the home. From trend-forward light fixtures, design-centric power and charging solutions, to patented technologies and a robust connected home portfolio, Globe Electric products are available in over 40,000 retail locations across North America and online across more than 20 e-commerce channels.

Edward Weinstein, the third-generation CEO of Globe Electric, along with the senior management team, will retain substantial ownership in the company and remain in their current roles.

Founded in 1981, Novacap is a leading Canadian private equity firm with more than C$8 billion of AUM that has invested in more than 90 platform companies and completed more than 140 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, industries, and now financial services, Novacap’s deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial funding, Novacap has the resources and knowledge to build world-class businesses. Novacap has offices in Brossard, Quebec, and Toronto, Ontario.

Fonds de solidarité FTQ is investing in a better society, thanks to its over 700,000 shareholder-savers. Through its private equity and venture capital investments, FTQ seeks to have a positive impact on society, namely in the health, environmental, and innovation sectors. With net assets of $15.6 billion as at November 30, 2020, FTQ supported over 3,300 partner companies and more than 220,000 jobs.

A pioneer for 25 years, Fondaction is the investment fund for those who mobilize for the positive transformation of the Quebec economy. To make our economy more efficient, fairer, more inclusive and greener. As a labor-sponsored fund, Fondaction represents tens of thousands of savers and hundreds of companies committed to advancing Quebec. He manages net assets that total more than $2.6 billion invested in hundreds of companies and in the financial markets, favoring investments that generate positive economic, social and environmental impacts in addition to financial returns. Fondaction helps maintain and create jobs, reduce inequalities and fight climate change.

Houlihan Lokey acted as the exclusive financial advisor to Globe Electric and assisted in initiating and negotiating the transaction on its behalf. This deal reinforces Houlihan Lokey’s strong global franchise in the home products and décor industry.