MI Windows and Doors Management Leads Ownership Transition PlanJanuary 22nd, 2013 | Category: Industry News
MI Windows and Doors announced a formal ownership transition plan today to be led by the current management team at MIWD. The management team, along with the support of Pete DeSoto and ShoreView Industries, has successfully completed a transaction to purchase MI Windows and Doors.
Based in Minneapolis, ShoreView Industries manages $600 million in private equity funds and invests in established companies with operations in North America, across a wide range of industries. As a result of the transaction, ShoreView Industries will hold a significant minority interest in MIWD.
Pete DeSoto, an industry veteran of more than 50 years, will become chairman of the newly formed entity. Matt DeSoto has been elected president and CEO of the business. Mike DeSoto will take on the role of chief operating officer and Stan Sullivan will take on the role of chief sales and marketing officer.
“As MI Windows and Doors continues its long tradition of providing quality products to the housing market, I am pleased to hand over the reins to our seasoned management team whose drive and significant expertise in the fenestration industry will advance our continued growth as a leading manufacturing company,” says Pete DeSoto. “I am proud that our team members at MIWD have made an indelible mark in providing best-in-class products to the building industry. Our commitment to making quality products and delivering them accurately and on-time has never been stronger.”
Brett Habstritt, Partner at ShoreView Industries, will join the MIWD board and is enthusiastic about the prospects for growth. “MIWD is an industry leader and we feel that the timing could not be better to assist in the next phase of growth for the business,” he says.