Parkwood

As Premiers success grew, so did the need for investment, tax and legal services. In the early 1960s, the brothers created an informal group to manage the private investments of their families. Over time, this informal group took on greater responsibility, acting as a liaison between the Mandel family and their legal advisors, Jones Day, and their... accounting and tax experts, Peat Marwick Mitchell (today KPMG). They also managed the investment process. In 1996, Parkwood was formed to more professionally provide these critical services to the Mandel family. After the merger of Premier with Farnell Electronics, the Mandel brothers realized they needed a more comprehensive platform to provide the more complex services they now needed. It was determined that a new private trust company could provide the Mandel family members with the advantages of professional trust management. As a result, in 1998, Parkwood Trust Company, a wholly-owned private trust company, was formed in Wilmington, Delaware. Today, Parkwood employs a staff of almost 70 in Cleveland and Delaware who are responsible for investment, accounting, tax, legal and estate planning services for Mandel family members and also for their charitable entities. The Parkwood team is comprised of a number of experts across a wide range of disciplines, many of whom have earned professional designations such as Certified Public Accountants (CPAs) and Chartered Financial Analysts (CFAs). Parkwood has adopted the same collegial management culture that enabled Premier Industrial Corporation to achieve superior results for more than 50 years.Read More