Three Atlanta-based investors agreed to acquire Family Christian Stores Inc., the largest Christian retail chain, for an undisclosed price.
The buyers include Larry Powell, president of Powell Family Enterprises LLC, a private equity investment firm; Michael Kendrick (pictured), an investment banker who is currently chief executive of Blueprint for Life; and Richard Jackson, founder and chief executive of Jackson Healthcare, a healthcare staffing company.
William Blair & Co. LLC advised the investors, while Tim Alexander, Glenn Gurtcheff and Jeff Cleveland of investment bank Harris Williams & Co. managed Family Christian throughout the sale process.
The new owners said they plan to contribute 100 percent of Family Christian’s profits to Christian ministries serving widows and orphans.
Family Christian, founded in 1932, is headquartered in Grand Rapids, Mich. It currently has 280 stores located across 36 states.