The original predecessor of J.B. Poindexter & Co., Inc. was formed in New York City in 1983. KD/P Equities was a partnership between Kellner, DiLeo & Co. (the KD), a highly respected merger arbitrage firm, and John B. Poindexter (the P). Mr. Poindexter at the time had most recently been a General Partner at Smith Barney Venture Corp., a subsidiary of Smith Barney, Harris Upham & Co., today Salomon Smith Barney.

The objective of KD/P Equities was to assemble a portfolio of manufacturing concerns with excellent growth prospects and profit characteristics. Kellner, DiLeo & Co. desired to expand its trading and financial base, through a separate affiliate, into a group of ownership interests that offered good capital gains prospects. They chose to partner with Mr. Poindexter in order to capitalize on his experience at Smith, Barney, Harris Upham & Co., Salomon Brothers, and other investment firms.

KD/P Equities was a very successful venture that acquired, among other companies, All Steel, Inc., Carolina Steel Corporation, and a group of four companies that were merged with Carolina Steel. All Steel manufactured a full line of office furniture and accessories and Carolina Steel and its affiliates produced and distributed a variety of steel industrial and building products. Altogether, the revenues of the acquired companies approached $500 million. They were competently operated by KD/P Equities and each provided highly rewarding capital gains for the partnership.