UPDATE: Kenra management to stay after buyout

The management team of Kenra LLC will stay with the Indianapolis company’s new owner, Imperial Capital Acquisition Fund III, and anticipates growing the business through acquisition, according to Kenra Chief Operating Officer Steve Nerney.

Also staying are Patrick Ludwig, president of the Kenra brand, and Dave Gordon, president of its Elasta QP brand, Nerney said.

Imperial, which is owned by Imperial Capital of Toronto, Canada, said earlier today it had bought the hair care products company for an undisclosed sum.

Nerney wouldn’t disclose Kenra’s revenue, but said sales of its products at retail total $125 million a year—after retailers add a hefty mark-up. Its sales have doubled in the past five years.

Kenra has 75 employees and 25 temp workers at its headquarters and manufacturing operation at 6501 Julian Ave. in Irvington, and its warehouse at 30th Street and Shadeland Ave. on the northeast side.

Four people owned Kenra following the 2001 death of founder Henry J. Meyers: daughter Anne Meyers Maier and her husband, Dick Maier; Anne’s sister, Carolyn Meyers Schutz; and Paul Browning.

Browning, vice president of research and development, also is remaining under Imperial’s ownership.

Nerney said the daughters and Dick Maier sold the company because they are nearing retirement age.

IBJ reported in October 2005 that Kenra was looking for a buyer.

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