Oldcastle BuildingEnvelope, Inc. CEO Bruno Biasiotta Steps Down to Focus on Health, Family; CFO Michael Marcely Appointed Interim CEO; New Divisional President Announced

Rhea-AI Summary

Oldcastle BuildingEnvelope, Inc. announced CEO Bruno Biasiotta stepping down for health reasons. CFO Mike Marcely appointed as Interim CEO. Steve Dean named President. Positive growth under Biasiotta's leadership acknowledged by KPS Capital Partners.

DALLAS--(BUSINESS WIRE)-- Oldcastle BuildingEnvelope, Inc. (“OBE” or the “Company”) announced today that Bruno Biasiotta will step down as Chief Executive Officer to focus on his health and family. OBE’s Chief Financial Officer, Michael (Mike) Marcely, will assume the responsibilities of Interim Chief Executive Officer effective immediately.

The Company also announced the appointment of Steve Dean as President – Glass and Glazing Systems. Mr. Dean joins OBE after serving 25 years in senior roles at Wesco International, Inc. (NYSE: WCC) and Anixter International Inc., most recently as Senior Vice President & General Manager – Utility.

Raquel Vargas Palmer, Co-Managing Partner of KPS Capital Partners, LP and Chairperson of OBE’s Board of Directors, said, “We greatly appreciate and thank Bruno for his contributions to OBE during his tenure as CEO. Under Bruno’s leadership, we successfully established OBE as a standalone enterprise, achieved meaningful revenue and earnings growth, demonstrated OBE is the acquiror of choice for family-owned glazing solutions and architectural hardware businesses, and created a leadership culture to position the Company for its next phase of growth.”

Mr. Biasiotta said, “It has been an enormous privilege to serve as the CEO of OBE. I am proud of all we accomplished, but, most importantly, the exceptional value we provided to our customers the past 18 months. I believe in OBE’s ability to continue providing industry-leading glazing and architectural hardware solutions to its customers and to strategically invest its capital pursuing the significant growth opportunities available. Having worked closely with Mike Marcely for the past six years, I have the utmost confidence in his ability to lead OBE as Interim CEO.”

Mr. Marcely said, “I appreciate the confidence and support to serve in this role at this important time. The broader OBE senior leadership team and I are committed to ensuring this change is seamless for our customers, suppliers and employees. Steve Dean is a high-caliber, motivated leader and we are excited to have him on board to accelerate the value and solutions we provide to our customers.”

OBE has engaged Acertitude in the search for a permanent CEO.

About Oldcastle BuildingEnvelope, Inc

Oldcastle BuildingEnvelope, Inc. is North America’s leading vertically integrated manufacturer, fabricator and distributor of architectural hardware, glass and glazing systems. Headquartered in Dallas, Texas, OBE is a world-class building products company with significant presence in every major market in the U.S. and Canada. OBE manufactures high-performance architectural glass products and aluminum framing systems and distributes complementary hardware and glazing supplies. OBE delivers products to a broad customer base of architects, glaziers, contractors and developers serving diversified residential and commercial construction end-markets. With approximately 7,000 employees, OBE operates 87 manufacturing and distribution facilities in five countries. For more information visit www.obe.com.

About KPS Capital Partners, LP

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.3 billion of assets under management (as of September 30, 2023, pro forma for the final close of Fund VI and Mid-Cap Fund II)¹. For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies currently generate aggregate annual revenues of approximately $20.4 billion, operate 223 manufacturing facilities in 26 countries, and have approximately 48,000 employees, directly and through joint ventures worldwide (as of September 30, 2023). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

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1} Assets under management (“AUM”) or capital under management is comprised of AUM as of September 30, 2023 plus additional uncalled capital commitments as of November 30 2023.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240307267855/en/

Barbara Haaksma

Executive Vice President, Marketing

Oldcastle BuildingEnvelope^®

communications@obe.com

Source: Oldcastle BuildingEnvelope, Inc.

FAQ

Why did Bruno Biasiotta step down as CEO of OBE?

Bruno Biasiotta stepped down as CEO of OBE to focus on his health and family.

Who is the new Interim CEO of OBE?

Michael (Mike) Marcely, the Chief Financial Officer of OBE, is the new Interim CEO.

Who is the new President of OBE?

Steve Dean has been appointed as the President of OBE.

Which company was Steve Dean previously associated with?

Steve Dean previously served in senior roles at Wesco International, Inc. and Anixter International Inc.

Who acknowledged the positive growth under Bruno Biasiotta's leadership?

KPS Capital Partners acknowledged the positive growth under Bruno Biasiotta's leadership at OBE.