Orange, Conn. - Krell Industries founders and majority owners Dan and Rhondi D'Agostino are in discussions with minority owner KP Capital Partners about "the future direction of the company," COO Walt Schneider confirmed.
Although not privy to the discussions, Schneider told TWICE, "In one to one-and-a-half weeks, we'll probably be able to be more definitive."
KP Capital Partners, a New York City private-equity fund, purchased a 40 percent stake in Krell Industries in April. Dan and Rhondi D'Agostino, who founded the high-end A/V brand in 1980, hold the other 60 percent and remain CEO and president, respectively, Schneider said. Dan D'Agostino is also chief product designer. Both remain on the company's board along with KP representatives, Schneider said. "They are still involved," he said of the D'Agostinos.
KP Capital describes itself as a "private equity fund that invests in small- and middle-market companies that we believe are competitively positioned for growth." On its Web site, the company also says that "although our â€˜core' product is access to capital," the company also adds value by "working with management to develop and implement the most effective strategy" and "optimizing financial and operational management."
In addition, KP also said it identifies and executes "accretive acquisitions and strategic divestitures" and provides "access to our network of businesses and professionals to find new customers and suppliers, to augment the management team, and to retain the best professional services."