ARTHUR, Ill.--(BUSINESS WIRE)--
C.H.I. Overhead Doors (C.H.I.), a North American manufacturer of residential and commercial garage doors, today announced a distribution to its equity owners, and through a unique equity participation program designed by KKR, C.H.I.’s private equity partner, each of C.H.I.’s approximately 700 employees received proceeds. Additionally, C.H.I. is also proud to announce an expansion of the company’s relationship with one of its charitable partners, Homes for our Troops (“HFOT”).
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When KKR acquired C.H.I. in 2015, they designed an equity participation program that included all C.H.I. employees – the first of its kind in the history of the company. Since that time, the C.H.I. team has grown the business by delivering a market-leading experience for their dealer partners, which has in turn increased the value of C.H.I. and the value of each employee’s ownership stake. Today marks the first distribution on the equity program designed by KKR and a major milestone on C.H.I.’s journey of continuous improvement aimed at delivering “A Better Experience” for customers.
Also concurrent with KKR’s investment in C.H.I. was their facilitation of the partnership that now exists between C.H.I. and Homes for our Troops - a non-profit organization focused on providing housing for our Nation’s Veterans. C.H.I. is proud of the accomplishments to date achieved with HFOT and our dealer partners in providing garage doors to disabled veterans nationwide. Today’s expansion of the partnership will increase the positive impact our organizations contribute to our Country’s heroes and their families.
“For over 20 years, C.H.I.’s employees have driven its growth and success in the marketplace,” said Dave Bangert, CEO of C.H.I. Overhead Doors. “Having all employees now share directly in the company’s success marks an extraordinary moment for C.H.I. – and it’s only the beginning. As we strive to always improve and better support our dealer partners, unlocking an ownership mindset and engaging the workforce through equity participation like this is an incredible asset for our company.”
“Regarding our ongoing partnership with HFOT, on behalf of the entire C.H.I. Family, including the many Veterans we are privileged to call our co-workers, we are pleased to build on our contribution to HFOT and are excited to see the future impact it will have for our Nation’s Veterans.”
The KKR Industrials team has utilized this unique employee ownership model at four manufacturing companies, with C.H.I. being the latest. Beyond sharing ownership, KKR values employee engagement by having companies invest in the workforce in areas such as safety, and by partnering with the workforce to give back in the community.
“We believe the heart and soul of any manufacturing company is its employees, and that remarkable results can be achieved when they are treated as such,” said Pete Stavros, Member of KKR and Head of the KKR’s Industrial investment team. “As we drive change in order to grow and improve the businesses we’ve partnered with, we’ve found that having employees with ‘skin in the game’ through equity participation is a powerful tool. First, it builds a more engaged, energetic, and creative workforce. Second, it creates the opportunity for employees to receive significant financial upside in alignment with our investors. Finally, distributions like this one can hopefully have a positive impact on both the employees’ families and their communities. When you have an entire workforce thinking like a group of owners, you get better results, and C.H.I. is proof for this model.”
About C.H.I. Overhead Doors
C.H.I. Overhead Doors is a leading manufacturer of high-quality residential, commercial sectional and rolling steel doors. Started in 1981, C.H.I. has risen to become an industry leader in innovation, quality, and customer service. These core values along with hand-made craftsmanship and computer-aided precision enable C.H.I. to deliver “A Better Experience”.
About KKR
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit, and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
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