RITZ-CRAFT ANNOUNCES KEY MANAGER INVESTMENT PROGRAM
MIFFLINBURG, Pa., Dec. 29, 2023 /PRNewswire/ -- Co-owners of privately held Ritz-Craft Corporation, Paul and Eric John have announced the recent consolidation of multiple divisions that comprise the company's operations into the newly formed John Brothers Holding's, LLC and further announced a keyperson buy-sell agreement has been executed with ten management members to acquire a combined twenty percent ownership position.
The stock agreement includes managers and directors of key company operations including Ritz-Craft Custom Homes, Ritz-Trans Trucking, Legacy Crafted Cabinets & Building Products, RC2 Commercial Division and Rusty Rail Brewing Company with combined 2023 revenues of $120M.
President and CEO, Paul John and VP, Eric John released a joint statement to employees stating, "the decision to allow investment and ownership by the highly experienced, current management team will ensure the continued growth and development of the divisions through ongoing synergies further encouraged by their mutual ownership. 2024 marks a new beginning with an invested team dedicated to taking each of the divisions to new heights with broader product offerings and expanded market reach".
The Ritz-Craft Custom Homes brand produces IRC code compliant modular homes and manufactured (HUD code) products under the brand name Value Craft Homes. The company produces multi-family and commercial modular units through its RC2 (RC squared) division. The Ritz-Trans division provides specialized hauling for oversized modular and manufactured home deliveries.
Legacy Crafted Cabinets produces custom cabinetry for company use and for a large network of independently owned kitchen and bath design/build firms.
Contact: Mike Zangardi, VP Sales/Mktg.
Ritz-Craft Corporation
704.267.1093 mzangardi@ritz-craft.com
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SOURCE Ritz-Craft
