CPS/Keystone, Erie, Pa., announced a management-led buyout of the company in partnership with a financial sponsor. Key members of the senior management team participating in the buyout include Kippie Helzel, senior vice president of sales; Pete Gleason, vice president of sales; and Eric Enzbrenner, vice president of manufacturing. Leon Bilewitz, president and founder of CPS/Keystone will remain in a consulting role, though he has no financial interest in the new ownership.
“Our strong sales growth these last years has helped CPS strengthen our market position with all our distributor partners,” Helzel said. “The addition of Pete Gleason to our team has made a tremendous difference in our sales outreach. The management team recognizes a great opportunity to take advantage of current financial conditions to make this significant investment in our company.”
“It is exciting, and quite flattering, to become part of the new ownership team at CPS,” Gleason said. “The entire employee family has worked extremely hard over the past 25 years to build the great reputation and position we have in the industry. This new investment will enable us to grow our sales and service to even greater levels. I am really looking forward to sharing with our customers an even more exciting CPS.”
For more information on CPS/Keystone, visit www.keystoneline.com.
