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Private Equity Buy-Out Part of Planned Champion Succession
A private equity group stepped in to purchase a portion of ownership in Champion Window Manufacturing & Supply Co. from its two longtime management leaders, Edward Levine and Bernard Barbash. The management succession plan, now six years in the making, gives current management the opportunity to increase its ownership in the company as the two primary owners reduce their day-to-day responsibilities. A privately owned company, Champion has not revealed the name of the private equity group involved in the transaction or the amount of the investment.
As the transition unfolds, Champion will continue its aggressive expansion plans to open another six to eight home improvement stores in the remainder of 2007, Dennis Manes, the company’s new CEO, told a Cincinnati newspaper.
Levine, formerly the CEO, and Barbash, former president and COO, will remain involved with the company as chairmen. Manes steps into the CEO position from his role as vice president and general counsel. Donald Jones will succeed Barbash as president and COO, leaving his role as vice president and general manager.
Cincinnati-based Champion manufactures, sells and installs replacement windows, entry doors, patio room enclosures and basement finishing systems. It has 60 stores in 31 states.
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