Lighting and mirror manufacturer Capital Lighting is now 100% employee owned.
The Flowery Branch, Ga.-based company announced its Employee Stock Ownership Plan (ESOP) effective September 28. Owners Mary Lou and John Lewis made the formal, surprise announcement to employees on Tuesday, Oct. 30 in a companywide breakfast meeting at its corporate office. The ESOP effectively transfers 100% ownership to employees based on their tenure with the company, through a qualified and defined contribution benefit plan.
“We have come a long way in the past 25 years, growing from a 15,000-square-foot warehouse and a handful of employees to a 170,000-square-foot office and warehouse, over 60 employees, carefully cultivated overseas manufacturing partnerships and a growing showroom customer base that we are committed to supporting,” John Lewis said. “Our employees have always been central to our growth and success, some of whom have been with us for several years, a few, from the very beginning.
“As we explored ownership transition options, we were clear about our goal. Our top consideration was to do what’s best for our valued employees, loyal customers, reliable suppliers and shareholders. ESOP was the only option that checked all the boxes.”
The ESOP transition will not impact day-to-day operations or any roles within the company. The announcement was received with enthusiasm by Capital Lighting employees and will be followed up with additional meetings and Q&A sessions with ESOP experts in the coming weeks.