KKR exits garage door manufacturer C.H.I. Overhead Doors

• At the deal’s closing, all C.H.I. employees received a cash payout of about $175,00 on their equity stakes in the company
• Goldman Sachs was lead financial and M&A advisor to KKR and C.H.I.
• Since 2011, KKR has implemented employee ownership and alignment programs

KKR has sold C.H.I. Overhead Doors, a maker of garage doors, to Nucor Corporation. In connection with the closing, all 800 C.H.I. employees have received a substantial cash payout, on average approximately $175,000, on their equity in the company.

With the Nucor acquisition, C.H.I.’s leadership team, led by CEO Dave Bangert, is expected to remain in place and continue to run the business under the C.H.I. name.

On the sale, Pete Stavros, co-head of Americas private equity at KKR and founder of nonprofit Ownership Works, said in a statement: “We are tremendously proud of everything the C.H.I. team has accomplished over the past seven years and we believe the Company’s future as part of Nucor is equally bright. The substantial cash payouts earned by all C.H.I. employees are a testament to the incredible growth and value they have created by showing up every day and thinking like owners.”

Since 2011, KKR has implemented broad-based employee ownership and alignment programs throughout its portfolio, first throughout KKR’s U.S. industrials private equity investments and more recently expanding across sectors. To date, KKR said it has awarded billions of total equity value to over 45,000 non-senior employees across over 25 companies. In April 2022, KKR joined more than 60 organizations in becoming a founding partner of Ownership Works, a nonprofit created to support public and private companies transitioning to shared ownership models.

Goldman Sachs was lead financial and M&A advisor to KKR and C.H.I. Also, UBS served as M&A co-advisor, and Kirkland and Ellis as legal advisor on the transaction.