CADILLAC — A decades-old Northern Michigan fireplace and chimney business was recently purchased by four of its own employees.
On Tuesday, Cadillac-based Positive Chimney & Fire Place announced that employees Mike Gamble and Chris, Cody and Kassie Richardson have purchased the business, which specializes in fireplace and chimney sales, installation and service.CADILLAC — A decades-old Northern Michigan fireplace and chimney business was recently purchased by four of its own employees.
Positive Chimney, which has a second location in Ludington and services much of Northern Michigan, was founded in 1982. The company had been led the entire time by founders Herb Smith and Dave Nederhoed, who will both transition to retirement. The company’s 22-county service area covers much of the northwestern Lower Peninsula.
Terms of the deal were not disclosed. Positive Chimney worked with Grand Rapids-based M&A firm Calder Capital LLC to complete the deal. The four employees voiced interest and signed a letter of intent before the business was shopped around on the open market.
“I’m thrilled to know Positive Chimney will be taken over by several of our top performers,” Nederhoed said in an announcement about the sale. “Chris, Mike, Cody and Kassie know the business inside and out. We couldn’t have asked for a better takeover and we wish them the best of luck going forward.”
Chris Richardson brings experience managing operations for the business to the leadership group.
“My partners and I are very excited to be continuing what Herb and Dave started,” he said in a statement. “They’ve worked hard to make this company what it is, and their retirement is well deserved.”