CPS/Keystone (asi/43051) has a new ownership team. The Erie, PA-based supplier has announced a management-led buyout of the company in partnership with GenCap America, a private equity firm.

Key members of the senior management team participating in the buyout include Kippie Helzel, Sr. Vice President, Sales; Pete Gleason, Vice President, Sales; and Eric Enzbrenner, Vice President, Manufacturing. Leon Bilewitz, President and founder of CPS, will remain in a consulting role, though he has no financial interest in the new ownership.

“Our strong sales growth these last years has helped CPS strengthen our market position with all our distributor partners,” says Helzel. “The addition of Pete Gleason to our team has made a tremendous difference in our sales outreach. The management team recognizes a great opportunity to take advantage of current financial conditions to make this significant investment in our company.”

Helzel and Enzbrenner previously had an ownership interest in CPS, but Gleason is new to having a stake in the company Bilewitz established in partnership with Walt Bender, Helzel told Counselor. Gleason joined the CPS/Keystone in October 2016.

“It is exciting, and quite flattering, to become part of the new ownership team at CPS,” Gleason said. “The entire employee family has worked extremely hard over the past 25 years to build the great reputation and position we have in the industry. This new investment will enable us to grow our sales and service to even greater levels.”

Regarding the partnership with GenCap America and CPS/Keystone’s future, Helzel told Counselor: “They specialize in working with well-established companies with a strong history of consistent sales and profitability, and, most importantly, with a strong and long-term management team. As financial ‘partners’ in the new company, the senior management team’s goal is to continue with business as usual. That being said, we see this as an opportunity to do a full review of where we are, and where we want to be. Our many meetings with GenCap led us to have great confidence that they were the perfect partners for us to help achieve our goals.”

CPS/Keystone has been in the promotional products industry since 1993. Primary product categories include water bottles, stadium cups and steins, hand fans, tote bags, fun items, desk accessories, household items, personal items and more. The firm has earned a number of industry awards over the years.