Bruno Biasiotta has announced his resignation as chief executive officer of Oldcastle BuildingEnvelope, Inc. in order to prioritize his health and family. With immediate effect, Michael Marcely, Chief Financial Officer of OBE, will take on the duties of Interim Chief Executive Officer.
Steve Dean’s appointment as President of Glass & Glazing Systems was also announced by the company. After 25 years in high-level positions at Wesco International, Inc. and Anixter International, Inc., Mr. Dean now joins OBE. He most recently held the position of Senior Vice President & General Manager – Utility.
The chair of OBE’s board of directors, Raquel Vargas Palmer, is a co-managing partner of KPS Capital Partners, LP, and expressed gratitude to Bruno for his contributions to OBE when he was CEO. We successfully launched OBE as a stand-alone company under Bruno’s direction, saw notable increases in revenue and profits, proved OBE is the go-to acquirer for family-run architectural hardware and glazing solutions companies, and developed a leadership culture to set up the company for future expansion.
Serving as the CEO of OBE has been an enormous privilege, Mr. Biasiotta remarked. He was pleased with all we had done, but above all, he was pleased with the outstanding value we had given our clients over the previous 18 months. He is confident in OBE’s capacity to keep offering its clients the best glazing and architectural hardware solutions in the business, as well as to strategically use its capital to take advantage of the large growth prospects that present themselves. He has the utmost trust in Mike Marcely’s capacity to lead OBE as Interim CEO, having worked closely with him over the previous six years.
He appreciates the confidence and support to serve in this role at this crucial time, stated Mr. Marcely. I’m determined to make sure that this transition goes smoothly for our clients, partners, and staff members, together with the rest of the OBE senior leadership team. We are thrilled to welcome Steve Dean on board to increase the value and solutions we offer to our clients. He is a highly skilled and driven leader. Acertitude has been tasked by OBE with conducting a permanent CEO search.
The top vertically integrated manufacturer, fabricator, and distributor of architectural hardware, glass, and glazing systems in North America is Oldcastle BuildingEnvelope, Inc. With its headquarters located in Dallas, Texas, OBE is a leading provider of building products, having a substantial presence in all major U.S. and Canadian markets. OBE is a manufacturer of aluminum framing systems and high-performance architectural glass solutions. It also sells glazing supplies and related hardware. OBE provides its products to a wide range of end-users in the residential and commercial building industries, including glaziers, architects, contractors, and developers. OBE runs 87 production and distribution plants across five countries, employing around 7,000 people.
The KPS Special Situations Funds, a family of investment funds with over $21.3 billion in assets under management (as of September 30, 2023, pro forma for the final conclusion of Fund VI and Mid-Cap Fund II), are managed by KPS through its affiliated management firms.1. Through controlling equity investments in manufacturing and industrial companies across a wide range of industries, including basic materials, branded consumer, healthcare, and luxury products, automotive parts, capital equipment, and general manufacturing, the Partners of KPS have dedicated themselves for more than thirty years to realizing significant capital appreciation. Instead of relying solely on financial leverage, KPS generates investment returns by strategically improving the competitiveness, profitability, and strategic position of its portfolio companies. This helps the company create value for its investors. It does this by working constructively with talented management teams to improve businesses. As of September 30, 2023, the portfolio companies of KPS Funds had around 48,000 workers worldwide, working directly and through joint ventures at 223 industrial plants across 26 countries, and an aggregate yearly revenue of roughly $20.4 billion.
