Pelstar LLC Named Private Board of the Year
Pelstar LLC was named Private Board of the Year 2016 by Private Company Director Magazine, Directors & Boards Magazine and Family Business Magazine. The award was presented at the Private Company Governance Summit on May 12, 2016, at the National Press Club in Washington, D.C.
The Private Company Governance Summit is a governance conference for directors, owners, and advisors of family-owned, closely-held and private-equity owned businesses of all sizes. The summit is hosted by MLR Holdings LLC/Family Business Publishing Company, the leading media company focused on multi-generational family businesses, private and public company governance and wealth creation and management.
According to the organization, “the Private Board of the Year awards were created to recognize those private companies who go above and beyond legal governance requirements and who commit to the highest levels of governance, whether through fiduciary and/or advisory boards.” These boards are also honored for their excellence in serving their stakeholders – owners, shareholders, employees and community. Judges reviewed dozens of nominations and Pelstar LLC was chosen as a Private Board of the Year because it governs with a consistent, transparent approach and modeled many best practices in structure and performance.
Pelstar, LLC designs, manufactures and markets a comprehensive line of professional products under the 90-year-old venerable brand of Health o meter® Professional Scales. Pelstar was created when a group of private equity investors bought a small division of the former Sunbeam. There are now 20 shareholders, including 10 employee shareholders. With strong governance, the company now commands more than 50% market share, and its growth rate outpaces its industry peers. While Pelstar is governed by a small board, with four members, it models itself after public company board best practices. “Our board doesn’t just go down the agenda and tick boxes,” says CEO Dan Maeir. “It promotes a transparency that goes throughout the whole company, encouraging our people to take risks and make decisions. Rick Crandall, our Chairman, is a cheerleader, a team leader and a culture setter.”
For more information on the Private Board of the Year award, visit www.privatecompanydirector.com/features/private-company-boards-year-2016-named