For Immediate Release
Chief Operating Officer, Red Holdings Corporation Inc.
Florida-Based Red Holdings Corporation, Inc.
Purchases Canadian High-Rise Window Manufacturer
Pompano Beach, Florida (July 6, 2007)-- Red Holdings Inc., a Florida-based investment company, announced it has purchased Macyro Group Inc. (“Macyro”), a publicly-traded,
Quebec-based manufacturing company. Macyro, through its subsidiaries Gamma Industries Inc., and GammaUSA (www.gammaindustries.ca), develops, manufactures and installs architectural aluminum products such as windows, curtain walls, doors, panels and coverings for commercial high-rise buildings, including condominium towers, in both Canada and the U.S.
Red Holdings is controlled by Miami entrepreneur Edward W. Easton and a group of shareholders led by Elliot Kracko, who has more than 35 years‟ experience in the curtain wall industry. The company said it plans to keep Gamma‟s management team in place
including Alain Le Francois, who will continue running Canadian operations with the successful team of Pierre Belanger overseeing finance, and Frank Salerno directing business development in Canada. Stewart Struzer, who has been integral in the recent growth of the companies‟ South Florida sales, will remain as head of business development for GammaUSA.
“Gamma Industries is a terrific company that has been moving in the right direction and our goal is to build on that,” said Easton. “Through our expertise and knowledge of the industry, we believe we can add value for our current and prospective customers while at the same time turning the company into a more valuable asset.”
Elliot Kracko will serve as Red Holdings‟ Chairman of the Board. Prior to this new role,
he was a private consultant to architects, engineers, and manufacturers. Over the years he has owned and operated his own companies that specialized in the manufacturing and installation of architectural curtain wall. Elliot Kracko brings a top team of new executive partners to manage and oversee market expansion. Matthew Baum, who has twenty-plus years of curtain wall experience, will step in as President of GammaUSA.
Mario Perez, Jose Rodriguez, Michael DeHarde and Juan Alpizar, who collectively have more than 100 years of experience in the curtain wall industry, will enhance the companies‟ engineering, manufacturing and construction divisions.
Chief Operating Officer Colleen Castille will coordinate the three companies‟ (Macyro,
Gamma Industries, GammaUSA) strategic operations. As a former Secretary for Florida‟s Department of Community Affairs and Department of Environmental Protection, Castille is intimately familiar with the state‟s building standards under the new hurricane code
and the local growth plans. She also has numerous relationships with decision makers in the real estate industry and with local governments across the state.
Kathleen Shanahan is an investor and director in Red Holdings. Shanahan‟s wide-ranging
experience in business and government has led her to develop strategic alliances in the financial investment and commercial real estate development industry nationwide.
Easton himself is an entrepreneur who made his name putting successful real estate deals together in South Florida and other parts of the country. He is founder and chairman of The Easton Group—a full-service commercial real estate firm in Miami, Florida.
“The Gamma deal is an example of what we do best,” said Easton. “Whether it‟s real estate or companies with hard assets, we find the right opportunity, put the right team in place, add value to the asset and ultimately provide a sizeable return to our investors.”
Easton was a longtime shareholder in Macyro and was well aware of its potential. After he had his eye on purchasing the company, he put together his team. He first brought in Shanahan, a longtime friend and colleague. Shanahan then enlisted Castille, who know each other from their days in Tallahassee. Separately, it was Easton‟s son Ed Easton, Jr.
who made introductions to Kracko who was doing some work in Miami.
“Kracko is key to the whole deal,” said Edward W. Easton. “I like to call him the „godfather‟ of the curtain wall business. There‟s nobody in the country today who has as
much experience and knowledge in this field.”
Besides private equity money, Red Holdings secured financing from HSBC and the Royal Bank of Canada.
Gamma Industries is recognized as a leader in its field in Quebec and is steadily growing its market presence in the Southeastern United States. Gamma purchases its architectural glass from Viracon in Owatonna, Minnesota and assembles the aluminum frames at a manufacturing plant in Pompano Beach, Florida. The company employs about 236 people, half of whom work in South Florida.
For information on past and current projects that Gamma Industries, log on to www.gammaindustries.ca.
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Macyro manufactures and installs aluminum curtain walls, panels, windows and doors for use in high-rise commercial and residential construction projects, through its subsidiary Gamma Industries Inc. (“Gamma”). Gamma is recognized as a leader in its field in Quebec and has, over the last several years, developed a valuable niche in southeast United States of America, from which over 70% of its sales now originate.
RED is a Florida-based investment company controlled by Edward W. Easton Family, Ltd. and a group of shareholders led by Elliot Kracko. Easton is a successful real estate entrepreneur who is chairman of The Easton Group, a boutique commercial real state firm based in Miami, Florida.
Background on Elliot Kracko:
Elliot Kracko has over 35 years in the curtain wall manufacturing and installation business. Prior to this new role, he was a private consultant to architects, engineers, and manufacturers. Between 1994 and 2004, he was President of Diamond Installations Inc., a company that installed curtain wall manufactured by Glassalum International Corporation. Prior to that, Kracko was Chairman of Glassalum, which designed and manufactured custom monumental aluminum and glass curtain walls, primarily for high-rise buildings in South Florida and New York City‟s metro area. Between 1986-1970,
Kracko owned and operated various companies that specialized in the installation of windows and facades for both mid and high-rise office buildings. Kracko will remain based in New Rochelle, New York.