Norwest Equity Partners on Wednesday, May 13, said it’s sold Thibaut Inc., a designer and distributor of luxury wallcoverings, fabrics, rugs and furniture, to Quad-C Management Inc.

Neither Minneapolis-based Norwest nor Quad-C in a separate statement disclosed the financial terms of the transaction.

The Deal in March reported NEP had retained William Blair & Co. LLC to solicit takeover offers for Thibaut, which generates about $30 million to $40 million in Ebitda.

Union, N.J.-based Thibaut, founded in 1886, is the oldest wallcovering company in the U.S., according to the private equity firms. The company specializes in wallcoverings, fabrics, trims, area rugs and furniture under its own brand, along with the Anna French and Coraggio brands as well. It has six flagship showrooms in the U.S. and corporate offices in New Jersey and London.

Norwest Equity partnered with Thibaut in 2021, acquiring the company from Harbour Group Industries Inc. in a transaction valued between $50 million and $249 million, according to SPS by With Intelligence data.

During its ownership, Thibaut expanded organically and through acquisitions, building a broader multibrand platform. The company acquired and integrated complementary brands, including Rosemary Hallgarten and Coraggio, while also expanding direct go-to-market capabilities and investing in systems and operations.

Quad-C said the investment will support Thibaut’s next phase of growth while preserving the creativity, quality and customer relationships that have defined the business. CEO Rick Kilmer will continue to lead the company.

NEP invests in profitable North American business services, consumer and industrial middle market companies. The firm targets businesses with $10 million to $50 million of Ebitda and opportunities requiring $75 million to $175 million of equity, including companies seeking first-time institutional capital.

In 2024, the investment firm closed Norwest Equity Partners XI LP and Norwest Mezzanine Partners V LP with about $1 billion and $400 million of committed capital, respectively.

Headquartered in Charlottesville, Va., Quad-C is a middle market firm that specializes in partnering with entrepreneurs and management teams to invest in established companies across sectors such as business services, healthcare and industrials. It’s invested in more than 85 platform companies.

In May 2022, the PE firm announced the final close of its latest fund, Quad-C Partners X LP, with about $1.7 billion in commitments, compared with $1.1 billion for Fund IX.

The Deal in January reported the PE firm was considering its exit options for portfolio company Boulder Scientific Inc.

Robert W. Baird & Co. was financial adviser to Quad-C on the Thibaut acquisition, with White & Case LLP providing counsel.

William Blair was financial adviser to Thibaut, which looked to Jones Day for counsel.