Posts Tagged ‘Kay’

Frank Esposito Enjoys Kendon Gig

April 26, 2009

These Are Happy Times After Pain of Global/Custom Chrome

Frank Esposito, perhaps best known for playing top roles at two of this industry’s largest distribution companies, today is relaxed and having fun as president of Kendon Industries, a small California trailer manufacturer that produces a line of motorcycle lifts and unique folding trailers.

He joined the Anaheim company in January after having been dropped by Global Motorsports Group (GMG) last summer as the company reorganized under new ownership after stumbling out of messy bankruptcy proceedings.

Frank Esposito

Frank Esposito

GMG had been owned by Cerberus Capital Management LP, the cutthroat New York-based international investment group and had struggled with inventory and cash shortages for many years under GMG management.

Esposito had joined Global as president in August 2002 and spent six tough, grinding years trying to balance the needs of suppliers and dealers under Cerberus’s tight-fisted management. His sudden termination last summer came as a surprise to many in the industry, who thought he would play a leading rule for the Global companies as they limped ahead under new ownership.

“I want to recognize the vendors who supported me at Global,” says Esposito. “Kendon was at the top of the heap; they carried receivables that were immense, and we about killed them and many other vendors.”

Despite his pain at Global, Esposito says he has no regrets about the experience. “It was an incredible education,” he says. “It was a first-hand look at evil and corruption, and I’m very proud that I was instrumental in getting vendors paid.”

One of the first calls Esposito received following news of his departure, was from long-time friends Ken and Tina Thurm, who offered him a job in their small, family-owned company. The small trailer business was a long step from the much larger international GMG operation, and the Thurms were somewhat hesitant to offer Esposito a job.

(more…)