Christian Retailing

NEWSLETTERS Current Issue Family Christian Stores acquired by management team, investors
Family Christian Stores acquired by management team, investors PDF Print E-mail
Thursday, 15 November 2012 02:58 PM EST

Family Christian Stores announced today that its management team has partnered with a group of Atlanta-based Christian businessmen to acquire the company from its private equity owners.

Terms of the transaction were not disclosed involving the nation's largest Christian retail chain with 280 stores in 36 states. Family Christian reported that while its ownership structure and financial purpose has changed, there will be no impact on its core operations, stores or staff.

Under the new ownership, the Grand Rapids, Mich., chain has pledged to contribute 100% of its profits to Christian causes, specifically ministries serving widows and orphans both in the U.S. and abroad.

Family Christian's James Fund charity was founded in 2003, sponsoring mission trips with staff and giving more than $2 million to organizations and projects caring for widows and orphans, company officials said.

The new ownership structure will allow Family Christian to not only equip Christians in their daily walk, but also to increase the chain's impact by providing substantial financial support to faith-based causes.

"The management team and our investors are buying Family Christian because of our shared belief that the company is uniquely positioned to be both a best-in-class Christian retailer and a significant source of financial support to help those in need," said Cliff Bartow, president and CEO of Family Christian. "While we have long been committed to giving to Christian causes, we felt called to multiply our impact.

"We have been on a journey for several years to find potential like-minded Christian owners who share our passion and calling, and believe it's the providence and sovereignty of God that we met and now partner with our new co-owners," he added.

The investment group comprised of the three businessmen includes Richard L. Jackson, founder and CEO of Jackson Healthcare, the nation's third-largest health care staffing company; Larry Powell, president of Powell Family Enterprises, a private equity investment company; and Michael Kendrick, founder of Blueprint for Life and Ministry Ventures, a nonprofit organization dedicated to launching new ministries.

"Each of these men have been blessed with professional success and share a mutual calling to give back to help those in need," Bartow said. "This alignment of business acumen and Christian calling led them to the collective decision to join with us to acquire Family Christian and move it from an organization that contributes 10% of its profits to one that contributes 100% of its profits to faith-based charities and ministries.

"It is the hope of all involved that this transition can be a model of Christian business and ministry excellence that can be replicated by other organizations that wish to use their business resources to maximize kingdom impact," he added.

The chain has "ambitious plans" to grow its revenue and increase financial support for ministries around the world, including maintaining store update efforts and looking at new product assortments and resources to better meet the lifestyle needs of customers, company officials said.

"We are excited about what this ownership change means for our customers, staff and vendor partners who join us in the ongoing Christian pursuit of putting faith into action," Bartow said. "In many ways, we are returning to our roots as a Christian, family-owned business focused on making a significant impact in helping those in need.

William Blair & Co. served as financial advisor to the investors.

 

In this current issue:

IVP to publish ‘one of the most important Christian artists of our day’

News image

InterVarsity Press (IVP) has announced the acquisition of three books...

READ MORE

WaterBrook Press to publish upcoming Rifqa Bary memoir

News image

Muslim-turned-Christian Rifqa Bary takes readers beyond the headlines of her...

READ MORE

U.S. retail sales pick up slightly in August

News image

Commerce Department figures announced Friday showed a 0.6% increase for...

READ MORE

‘Harbinger’ follow-up hits ‘New York Times’ list

News image

Jonathan Cahn’s The Mystery of the Shemitah (FrontLine) has charted simultaneously...

READ MORE

HCSB translation joins Blue Letter Bible site

News image

The full text of the Holman Christian Standard Bible (HCSB)...

READ MORE

Southern gospel event aims for record attendance

News image

Preparations are under way for the National Quartet Convention to...

READ MORE

CBA announces ICRS 2015 theme

News image

CBA has announced the 2015 International Christian Retail Show (ICRS)...

READ MORE

HarperCollins hires new Bible executive

News image

HarperCollins Christian Publishing (HCCP) announced Thursday that John Kramp will...

READ MORE

Southern Gospel Music Association announces Hall of Fame inductees

News image

The Southern Gospel Music Association (SGMA) announced the eight individuals...

READ MORE

Chick-fil-A founder and author Truett Cathy dies at 93

News image

S. Truett Cathy, Chick-fil-A founder and chairman emeritus, died at...

READ MORE

Harvest House apologetics author John Weldon dies at 66

News image

Harvest House Publishers author John Weldon died Saturday afternoon, Aug....

READ MORE

Willie Robertson joins ‘Left Behind’ production team

News image

Duck Dynasty star Willie Robertson will executive-produce Left Behind, the...

READ MORE
100%
-
+
0
Show options

a