AD completes planned transition to member ownership
AD, the contractor and industrial products wholesale buying / marketing group, announced the completion of the transition of ownership from AD’s long-time Chairman & CEO, Bill Weisberg, to the buying group’s distributor members.
AD was founded in 1981 by Bill Weisberg’s father, David Weisberg. Bill became sole owner and chairman of the group in 1991. Total annual sales for the group’s members increased from $2.9 billion to over $35 billion. Net distributions to group members grew from $31 million to more than $650 million per year.
Bill Weisberg, comments, “One of the saddest things to witness in any industry is what happens when an independent distributor sells to a national chain. Long time suppliers, customers and employees are often negatively affected. It was important to me that AD would transition to people and companies that highly valued our culture, people, strategy and services. I’m very pleased that AD’s members are now our owners and will directly elect AD’s Board.”