William Blair acted as financial advisor to Thibaut, a portfolio company of Norwest Equity Partners (NEP), in connection with its sale to Quad-C Management (Quad-C). The transaction closed in May 2026.
About the Companies
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 to the trade only and sold in hundreds of locations around the globe, with six flagship showrooms in the United States and corporate offices in New Jersey and London. For more information, visit thibautdesign.com.
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. For more information, visit nep.com.
Quad-C is a leading middle-market private equity firm founded in 1989 and based in Charlottesville, Virginia that focuses on investing in established services and industrials companies. In its three-decade history, Quad-C has invested $4.7 billion of capital in 88 platform companies and over 400 add-on acquisitions. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value. For more information, visit quadcmanagement.com.
Learn more about our consumer products and services investment banking expertise.