Global investment firm KKR has completed the previously announced sale of CHI Overhead Doors (CHI), a specialist in the garage door industry, to Nucor Corporation.
In connection with closing, all 800 CHI employees have received a substantial cash payout – on average approximately $175,000 – on their equity in the Company. With Nucor’s acquisition, CHI’s leadership team, led by CEO Dave Bangert, is expected to remain in place and continue to run the business under the CHI name.
Since 2011, KKR has implemented broad-based employee ownership and alignment programs throughout its portfolio, first throughout KKR’s US Industrials private equity investments and more recently expanding across sectors. To date, KKR has awarded billions of total equity value to over 45,000 non-senior employees across over 25 companies, and has committed to deploying this model in all control investments across its entire Americas Private Equity platform. In April 2022, KKR joined more than 60 organisations in becoming a founding partner of Ownership Works, a nonprofit created to support public and private companies transitioning to shared ownership models.