Steve Phillips: “I’m Here to Stay”

February 24th, 2011 by Editor

In August 2010, Suntek Holding Co. (Commonwealth Laminating & Coating Inc. [CLC]) brought in new financial investors leading to rumors that staff changes would soon be forthcoming. Cleveland-based Riverside Co. sold its interest in the company to two new investors, Fenway Partners and Transportation Resource Partners. Transportation Resource Partners is associated with the Penske Automotive Group.

CLC president and CEO Steve Phillips (pictured at top right) spoke with Window Film magazine in an exclusive interview to address these rumors.

“Those rumors are absolutely not true. There is no change either for me or for any of the management team nor is there a plan for any change,” he says. “You can say with any luck that I hope to be with the company for the next 15 years.”

 “My ownership of the company is approximately the same as it has been for the last 12 years. That hasn’t changed,” says Phillips. “I continue to be president and chief executive officer. I continue to be a board member and a principal investor. That did not change when Riverside invested nor does it change now.”

According to Phillips, the transition has been completed and CLC is moving forward with its future plans.

“Riverside did an excellent job supporting us over the last four years in terms of capital expansion and building the company. The record speaks for itself,” comments Phillips.

(Pictured bottom right: CLC’s facilities have remained the same throughout the investor transition.)

“In looking at the next five years, we wanted to be in a position to continue to support the company’s growth and plans for expansion. By having Fenway Partners and the Penske Group investing it puts us in position to take the next step,” says Phillips. “It’s part of our overall growth plan and as we continue to grow and expand we need different financial partners at different stages.”

If you have a question for Steve Phillips e-mail it to khodge@glass.com and look for answers in the next issue of Window Film magazine.

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