CL ENTERPRISES STRENGTHENS MANAGEMENT TEAM TO SUPPORT CONTINUING GROWTH

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Jan 26, 2023, 10:30 ET

PERU, Ill., Jan. 26, 2023 /PRNewswire/ -- CL Enterprises, the Illinois-based family investment company focused on building businesses, today announced a series of management changes as it ramps up to accommodate growth across its group of businesses.

Hinesh Patel, CEO of CL Enterprises (PRNewsfoto/CL Enterprises)

Hinesh Patel, President of CL Enterprises, will assume the role of CEO, taking over from co-founder Peter Limberger. Limberger, who will retain the role of Executive Chairman, said "When we started CLE over a decade ago, our vision was to create new manufacturing businesses and to develop catalytic real estate projects in smaller towns and communities, to help realize their economic potential. Since then, the group has expanded considerably and now operates businesses as diverse as brewing, hospitality, real estate, agriculture, wood manufacturing, technology, automation/robotics, and aviation. With that growth has come a need to strengthen our management team, and to ensure we are positioned for continued successful growth.

"Hinesh joined us a year ago as President and has already made a major impact, both in helping the leaders of the individual businesses, but also creating a strong sense of unity under the CLE brand. This move and his experience will allow him to continue to drive operational and organizational growth across the company."

Joining Patel on the CLE Executive Team is Shay Brokemond who has been appointed VP Corporate Development. Shay is currently CFO of Revv Aviation, one of CLE's businesses where she led a major growth initiative in the last 2 years. Prior to this she was Managing Director with William Blair & Company, a global investment bank and financial services company.

Patel explained why Brokemond was a natural fit for the role. "As a Group, we have ambitious growth plans, both organically and through mergers and acquisitions. We have an attractive array of growth opportunities, so it felt like the right time to strengthen our executive team and capabilities. Shay was the obvious choice. Before joining us at Revv, she had built up over 15 years of experience advising C-level executives on M&A and capital raising transactions. She's particularly skilled at working with complex financial frameworks, which has been valuable in helping us bring together the companies which became the new and expanding Revv. Now we're excited to apply Shay's talents to an even wider range of opportunities across the Group."

Replacing Brokemond as Chief Financial Officer at Revv is Ronnie Stewart, currently Finance Controller at the company. Stewart joined Revv in 2022, bringing over 30 years of experience from companies such as Merrill Lynch, Bank of America, General Electric and Arthur J Gallagher. "Ronnie has already made a great impact since his arrival", said Guy Lieser, CEO of Revv Aviation. "He has quickly introduced several new processes and best practices which are allowing Revv to operate more effectively across all its different locations. As Shay moves into her new role, we're excited to give Ronnie the opportunity to lead the Finance team".

Nathan Watson has successfully led the CL Real Estate Development business for several years as President. Under his leadership the team has completed many successful redevelopment projects in smaller towns and cities across the region. Most recently, CLRED's work in developing the Lock & Mule brewpub in Lockport was recognized at the 2022 Landmarks Illinois awards where it won the Richard H. Driehaus Foundation Preservation award for adaptive reuse. Nathan has been promoted to assume the additional role of CEO of the CL Real Estate Group.

About CL Enterprises
CL Enterprises is the holding company for the Carus-Limberger family, and is based in Peru, IL.

SOURCE CL Enterprises