Cranbury-based Nova Capital Management announced Monday it has acquired Craig Electronics, based in Miami, Florida.
Craig is being acquired through an existing Nova investment, which will operate under a new corporate identity – H2 Brands Group – and will include the Craig, Shur-Line, Bulldog, and World and Main businesses, Nova said.
The merger will help strengthen Nova’s consumer products platform and broaden its offerings in the consumer technology and electronics segment.
“The merger of Craig Electronics with H2 Brands provides our customers with additional product adjacencies and speed to market while also enhancing service/delivery through a more robust warehouse and freight network. I look forward to working with Michael to further bolster the capabilities of H2 Brands for the benefit of our valued customers,” Mark Rostagno, CEO, H2 Brands, Home and Hardware, said.
Craig is a consumer electronics innovator offering a consumer technology and electronics solution for Big Box, food and drug, club, and mass retail distribution.
“We are delighted to announce this strategic partnership for our consumer products platform that enables us to combine solid businesses like Shur-Line, Bulldog, and World and Main with leading consumer electronics company, Craig Electronics,” Jan Kreminski, partner, Nova, said. “Craig’s entrepreneurial spirit is a perfect fit to our business culture, and the combined companies will benefit from a complementary brand portfolio. Craig’s expanded product offering and strategically located Hong Kong office will also add broader sourcing capabilities and product access,” said Kreminski.
As part of H2 Brands, Craig will continue to operate as an independent business under the leadership of Michael Newman, president of Craig.
“We are incredibly excited to be able to utilize the H2 Brands platform to provide our business and retail partners with substantial additional resources while continuing to service them with the same level of commitment they have grown to expect from us,” Newman said.