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:

Provident partners with CNI for order fulfillment

News image

Provident Distribution announced July 31 a new relationship with Nashville-based...

READ MORE

InterVarsity, Rose Publishing named among Best Christian Workplaces

News image

The Best Christian Workplaces Institute (BCWI) included InterVarsity Press (IVP)...

READ MORE

Get ready for Christmas with ‘Christian Retailing’

News image

The August issue of Christian Retailing shows Christian retailers how...

READ MORE

United Methodist publisher dedicates new headquarters

News image

The United Methodist Publishing House (UMPH) celebrated the dedication of...

READ MORE

Hobby Lobby, Mardel file credit card fee lawsuit

News image

Oklahoma City-based Hobby Lobby Stores and Christian retail chain Mardel...

READ MORE

Downloads take off for Lysa TerKeurst’s First 5 app

News image

New York Times best-selling author Lysa TerKeurst, along with Proverbs...

READ MORE

Romance Writers of America honors Irene Hannon

News image

Irene Hannon, best-selling author of more than 50 novels, won...

READ MORE

Pillar reunites to release first album in six years

News image

Christian rock group Pillar is releasing its first album in...

READ MORE

Partnership broadens reach of International Children’s Bible

News image

The International Network of Children’s Ministry (INCM) announced Tuesday that...

READ MORE

Audiobook sales rise significantly in 2014

News image

The audiobook industry is continuing to expand in sales as...

READ MORE

Thomas Nelson promotes senior marketing staff

News image

Thomas Nelson announced two senior marketing promotions July 24. Michael Aulisio...

READ MORE

Jason Crabb honored with street name in hometown

News image

Jason Crabb was recently honored with a street name, “Jason...

READ MORE
100%
-
+
0
Show options

a