Kohlberg Said to Explore $800 Million Sale of Decor Maker NBGby
Buyout firm has held talks with advisers about sale this year
Kohlberg originally invested in Texas-based company in 2006
The company has held talks with advisers about a sale of the maker of picture frames and portable lighting as soon as this year, said the people, who asked not to be identified because the information is private. A sale could value the company at as much as $800 million, the people said. No final decision has been made and Kohlberg could elect to keep the business, the people said.
A spokeswoman for Kohlberg declined to comment, while a representative of NBG didn’t respond to e-mail requests for comment.
Kohlberg has held the Austin, Texas-based company, originally known as Nielsen Bainbridge, since 2006. Terms of that deal weren’t disclosed.
That’s about double the length of time private equity firms typically hold an asset. Kohlberg has backed the company with a series of add-on acquisitions, including Pinnacle Frames & Accents Inc. and the Home Décor Companies, according to the firm’s website.
The buyout firm was formed in 1987 by former KKR & Co. co-founder Jerome Kohlberg alongside his son James, the current chairman. Kohlberg raised $2.2 billion for its eighth fund in 2016, according to data compiled by Bloomberg.