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:

ECPA to honor IVP's Bob Fryling

News image

The Evangelical Christian Publishers Association will honor Bob Fryling with...

READ MORE

Vote for the best products of 2015

News image

Christian Retailing invites Christian retailers, publishers and all who work...

READ MORE

NRF: Significant spending boost expected this Easter

News image

Americans anticipate spending more than ever on Easter this year....

READ MORE

B&H Kids' Bibleman gets reboot

News image

B&H Kids is promoting the fall release of Bibleman: The...

READ MORE

Harvest House Publishers celebrates coloring book success

News image

Harvest House Publishers announced Friday that its new coloring book...

READ MORE

‘Living Forward’ hits best-seller lists

News image

Living Forward by Michael Hyatt and Daniel Harkavy has achieved wide...

READ MORE

‘Outreach’ honors IVP titles

News image

Outreach magazine honored six IVP titles as part of the...

READ MORE

Study: Digital payments see 20 percent boost globally

News image

A new study from Juniper Research has found the annual...

READ MORE

‘Miracles From Heaven’ debuts in box office top 3

News image

Miracles From Heaven debuted in theaters to strong reviews and...

READ MORE

Oasis, Tyndale partner on ‘Africa Study Bible’

News image

Major Christian organizations, led by Oasis International, are joining together...

READ MORE

Worthy, Genesis Marketing Group partner

News image

Worthy Publishing announced Tuesday that it has partnered with Genesis...

READ MORE

Bookmasters, Paraclete Press sign fulfillment agreement

News image

Bookmasters has signed an agreement with Paraclete Press to provide...

READ MORE
100%
-
+
0
Show options

Most Popular Articles


a