IBJNews

Fortune Industries founder, chairman dies

Back to TopCommentsE-mailPrintBookmark and Share

Carter M. Fortune, founder and chairman of Indianapolis-based Fortune Industries Inc., has died, the company announced Monday.

Fortune, 70, died Saturday at his home in Destin, Fla.

“We are very saddened by Carter’s passing, but we are prepared to move forward, carry out his vision and honor his legacy,” Tena Mayberry, president and CEO of the professional employer organization, said in a prepared statement.

Fortune, majority shareholder of the publicly traded Fortune Industries, had been diagnosed with a potentially terminal disease, according to a Securities and Exchange Commission filing released earlier this year.

The company disclosed the illness as Fortune worked on a sale of the business to CEP Inc., a holding company led by Fortune Industries CEO Tena Mayberry and Chief Financial Officer Randy Butler. The planned management-led buyout, which would result in the business going private, values the company at $30.5 million.  

Whether Fortune's death will have an impact on that deal is unclear. Calls to the company Tuesday morning were not returned.

The transaction had faced a challenge from a shareholder who filed suit against the company, attempting to block the deal, but that lawsuit was dropped Aug. 20.

The beginnings of Fortune Industries can be traced to 2000, when Carter Fortune and partners bought the shell of a public company, renamed it WOW Entertainment Inc., and began producing “Women of Wrestling” for television.

After that business failed, he began buying companies in fields such as personnel-related services, manufacturing and distribution. The company sold off everything but the human resources business more than three years ago.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. A Tilted Kilt at a water park themed hotel? Who planned that one? I guess the Dad's need something to do while the kids are on the water slides.

  2. Don't come down on the fair for offering drinks. This is a craft and certainly one that belongs in agriculture due to ingredients. And for those worrying about how much you can drink. I'm sure it's more to do with liability than anything else. They don't want people suing for being over served. If you want a buzz, do a little pre-drinking before you go.

  3. I don't drink but go into this "controlled area" so my friend can drink. They have their 3 drink limit and then I give my friend my 3 drink limit. How is the fair going to control this very likely situation????

  4. I feel the conditions of the alcohol sales are a bit heavy handed, but you need to realize this is the first year in quite some time that beer & wine will be sold at the fair. They're starting off slowly to get a gauge on how it will perform this year - I would assume if everything goes fine that they relax some of the limits in the next year or couple of years. That said, I think requiring the consumption of alcohol to only occur in the beer tent is a bit much. That is going to be an awkward situation for those with minors - "Honey, I'm getting a beer... Ok, sure go ahead... Alright see you in just a min- half an hour."

  5. This might be an effort on the part of the State Fair Board to manage the risk until they get a better feel for it. However, the blanket notion that alcohol should not be served at "family oriented" events is perhaps an oversimplification. and not too realistic. For 15 years, I was a volunteer at the Indianapolis Air Show, which was as family oriented an event as it gets. We sold beer donated by Monarch Beverage Company and served by licensed and trained employees of United Package Liquors who were unpaid volunteers. And where did that money go? To central Indiana children's charities, including Riley Hospital for Children! It's all about managing the risk.

ADVERTISEMENT