Nicholson and Cates Ltd., a Burlington, Ont.-based building materials distributor, has entered a management buyout agreement. The deal, which was struck on Dec. 1, will involve transition of the leadership of the organization to an employee shareholder group consisting of Morgan Wellens, Brian Roger, and Bill Best.
The Livermore family has owned and managed N&C for more than 50 years. The deal comes as Jim Livermore, CEO and president of N&C, was considering retirement and wanted to ensure “that all employees, customers, and suppliers continue to be supported and cared for.”
Morgan Wellens, currently manager of N&C’s Trading Division, is leading the management buyout team.
(The full story on the new ownership at Nicholson and Cates will appear in Monday’s mind-bending edition of the Hardlines weekly newsletter. If you’re not getting the full story, please check out Hardlines for a month on us. Click here!)