Norwest Equity Partners Announces Sale of Thibaut to Quad-C Management

MINNEAPOLIS--(BUSINESS WIRE)--Norwest Equity Partners (“NEP”), a leading middle-market investment firm, today announced the sale of Thibaut (or the “Company”), a premier designer and distributor of luxury wallcoverings, fabrics, rugs and furniture, to Quad-C Management, Inc. (“Quad-C”).

NEP partnered with Thibaut in 2021 to support the Company’s next phase of growth, building on its strong heritage as a trade-only brand in the home and interiors market. During NEP’s ownership, the Company accelerated its growth trajectory through a combination of organic initiatives and strategic acquisitions, strengthening its position as a leading multi-brand platform.

Working in close partnership with management, NEP supported Thibaut in scaling the business while staying true to its design-centric model. The Company continued its exceptional product innovation, expanded its go-to-market capabilities via direct channels, and invested in systems and operations to support continued growth and improve the client experience. Thibaut also advanced its multi-brand strategy through the acquisition and integration of complementary brands, including Rosemary Hallgarten and Coraggio, broadening its reach across the designer community.

“Thibaut is a great example of what we aim to do at NEP – partner with strong businesses to help build a platform for enduring growth,” said Tony Armand, Partner at NEP. “We are grateful for our partnership with Rick Kilmer and the entire Thibaut team. Together, we built strong momentum across the business, and we believe the Company is well-positioned for continued success in its next chapter with Quad-C.”

Rick Kilmer, CEO of Thibaut, added, “NEP has been a true partner to our team by bringing strategic insight, operational support, and a collaborative approach that helped us scale the business while staying true to the respective heritage of our brands. We are excited for what lies ahead.”

The investment in Thibaut reflects NEP’s continued focus on design-led brands within the home and interiors sector, where the firm sees strong opportunities to build differentiated, multi-brand platforms with long-term growth potential.

William Blair & Company served as financial advisor, and Jones Day acted as legal counsel to Thibaut on the transaction.

About Norwest Equity Partners

Norwest Equity Partners (“NEP”), a Norwest Capital strategy, invests in growing, profitable middle-market companies and partners closely with management teams to build businesses for enduring success. NEP brings a collaborative, shoulder-to-shoulder approach grounded in pattern recognition, repeatable processes and a focus on what drives performance—people, process and execution. Its NEP Performance Engine™ provides a structured, proven framework to accelerate growth and build lasting value. NEP focuses on opportunities across Business Services, Consumer and Industrials, investing nationwide from offices in Minneapolis and West Palm Beach.

About Thibaut

Established in 1886, Thibaut is the oldest wallpaper company in the United States. Since the Company’s inception, Thibaut has evolved into a full-service design house with a diverse product offering of wallcovering, fabric, trim, furniture, and area rugs from Thibaut, Anna French, Coraggio, and Thibaut Fine Furniture. Known for its exceptional and unique designs, the Company prides itself on inspiring color palettes, fresh interpretations of classic designs, best-in-class service, and exclusive artwork created by an in-house design team. Thibaut is sold to the trade only and sold in hundreds of locations around the globe, with six flagship showrooms in the US and corporate offices in New Jersey and London.