Family Christian Stores Restructure
Family Christian, the nation’s largest Christian retail chain with 280 stores in 36 states, announced in a news release 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.
Under the new ownership, Family Christian’s pledge is to contribute 100% of its profits to Christian causes and, specifically, ministries serving widows and orphans both in the U.S. and abroad. Family Christian has always been committed to providing resources for the Christian community, but the new ownership structure will allow the organization to not only equip Christians in their daily walk, but to increase the organization’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.”
The investment group is comprised of three Atlanta-based Christian businessmen, the news release said. Richard L. Jackson is the founder and CEO of Jackson Healthcare, the nation’s third largest healthcare staffing company, and has a concern for the lives of underserved children. Jackson serves as the Chairman of FaithBridge Foster Care.
Larry Powell is the president of Powell Family Enterprises, LLC, a private equity investment company and is actively involved in a number of ministries, including serving as Chairman of the Board of Generous Giving.
The third member of the investment group is Michael Kendrick has used his success in investment banking as a catalyst for founding, developing, and funding organizations dedicated to Christian service, including Blueprint for Life and Ministry Ventures, a non-profit 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. 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,” said Bartow.”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.”
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. The company has ambitious plans to grow its revenue and increase financial support for faith-based ministries around the world. This includes maintaining store update efforts and looking at new product assortments and resources to better meet the lifestyle needs of customers.
Published on: Nov 22, 2012