Pella acquires Bonelli Windows & Doors
Pella Corp. has acquired Bonelli Windows & Doors, a luxury window and door manufacturer and design firm based in San Francisco.
In a statement issued by Pella, the window and door manufacturer said that Bonelli’s “presence and focus on their customers is a great fit for Pella’s luxury portfolio.” Since 1967, Bonelli has been known for its custom aluminum products with insulated barriers used from coast to coast in both residential and commercial projects.
“Bonelli is an exceptional business that has built a highly reputable name in the luxury market, a market in which Pella has been focused on building its presence,” said Cole Adrian, VP of Pella's luxury division. “We are honored to have them be a part of Pella, to share knowledge and resources to serve the marketplace better.”
While terms of the deal were not disclosed, the acquisition is effective today. Bonelli’s 25 employees will continue to work out of the main headquarters in South San Francisco and maintain its brand equity within the luxury space. Also, company president David Bonelli will continue to lead the business.
“At Bonelli, we have worked diligently to build a reputation based on quality, performance, and dedication to achieving clients’ design visions,” Bonelli said. “With the capabilities and culture both of these companies possess, we will continue on a solid foundation for even more possibilities to serve our clients.”
Bonelli joins a list of Pella luxury acquisitions including Grabill Windows & Doors (acquired in 2015), Reilly Windows & Doors (attained in July 2016) and Duratherm Window Corporation (added in November 2016). Pella is headquartered in Pella, Iowa, and operates 14 manufacturing locations. The company is privately held.
Changes at Sears Holdings board
Sears Holdings Corporation announced that Bruce Berkowitz is stepping down from the company's board of directors, effective Oct. 31. Berkowitz joined the board in February 2016.
Berkowitz is Sears Holdings’ largest shareholder with his mutual fund — Fairholme Capital Management — owning a 27% stake in the company. Shares of SHLD subsequently dropped more than 10 percent during trading on Monday.
"On behalf of the board of directors and management, I want to thank Bruce for his long-term commitment and investment in Sears Holdings. His leadership, guidance and counsel as a board member have been invaluable to our company," Edward Lampert, chairman and CEO of Sears Holdings, said in a press release issued by Sears Holdings.
"It has been a pleasure to serve on the board of Sears Holdings and work closely with Eddie and the rest of the leadership team,” Berkowitz said. “I wish the company and its associates all the best as Sears Holdings continues to execute on its strategic priorities."
Berkowitz serves as the chief investment officer of Fairholme Capital Management LLC and is the president and a board member of Fairholme Funds.