Loewen Back in Family Hands
Loewen, the manufacturer of high-end wood windows and doors based in Steinbach, Manitoba, has been acquired by a group of investors, including Charles Loewen; Clyde Loewen; Al Babiuk, president and CEO; members of management; and other private investors. The company was owned by the Loewen family until July 2010 when it was acquired by VKR Holding A/S of Denmark.
Established in 1905, the Canadian manufacturer sells through a network of Loewen Window Centers and authorized Loewen dealers in the United States, and corporate retail stores and independent dealers in Canada. Charles Loewen assumes the role of chairman of the board, and Clyde Loewen is rejoining its executive management group.
The transaction follows a strategic review of VKR Holding’s worldwide portfolio of businesses. “We did not see sufficient synergies with our other investments within vertical windows and doors and are satisfied with the solution found with the new owners,” says Jan Lundsgaard Jensen, VKR CEO. The company will maintain its presence in the North American window market through its investment in the Velux Group (roof windows and skylights).
VKR, which also owns several window and door manufacturing operations across Northern Europe, also sold Gienow Windows & Doors of
Calgary, Alberta, earlier this year. Acquired in 2009, it was sold to Ply Gem Industries.