C.H.I. Overhead Doors Distributes Equity Dividend Proceeds to All Employees, First Ever Program of Its Kind at Company
May 19 2017 - 11:18AM
Business Wire
Announces Expansion of Relationship with
Homes for Our Troops
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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