Lenders and investors take control of the world’s largest family owned remanufacturer after almost half a century of Cardone Industries as a guiding light in auto parts remanufacturing.
The time has run out on the storied Cardone family at the automotive parts remanufacturing giant bearing its name.
Michael Cardone III, the third generation leader of the business, has left the building. So has his sister, Christin Cardone McClave, who served as Chief People Offi cer, President and CEO Stan Gowisnock and about 60 other managers and administrative employees at the Cardone Industries, Inc. headquarters in Northeast Philadelphia, Pennsylvania.
The Cardone family still holds a 15% interest in the company. But Brookfi eld Asset Management of Toronto, Canada, has taken majority ownership, and daily operations are in the hands of it’s subsidiary, Brookfi eld Business Partners, L.P. of Bermuda.