ESOP Transactions

Intervine Becomes 100% Employee Owned

One of the largest suppliers of wine to the world’s airlines and cruise ships has become 100 percent employee owned. Intervine, headquartered in California’s Napa Valley, became 100 percent employee owned through an Employee Stock Ownership Plan (ESOP). ESOP’s were established by the United States Government nearly 50 years ago as part of the Employee

Why The Boss At HB McClure Sold The Company To His Employees

When Bob Whalen became president and CEO of HB McClure back in 2008, the employees were nervous. He was taking over from the grandson of Herbert Bassett McClure, who had founded the Harrisburg, Pennsylvania, heating, ventilation and air-conditioning firm in 1914. The company, which serves both commercial and residential customers, had been profitable for a

Infoverity Becomes 100% Employee-Owned Through Employee Stock Ownership Plan

Infoverity, a leading systems integrator and global professional services firm, announced today that it has completed a transaction that will transition the company to a 100% employee-owned organization. With the implementation of an Employee Stock Ownership Plan (ESOP), Infoverity founder and owner, Matt Wienke, will sell and transfer stock to a qualified retirement trust that

Bandit Industries Goes Employee Owned

Bandit Industries in Isabella County, MI, has been looking for a buyer for nearly five years. After all that time, they settled on a solution, turn the company over to their employees. The wood chipper manufacturer is shifting to an Employee Stock Ownership Plan, giving every employee shares in the company that can be paid

Rettew employees achieve full ownership of company via ESOP

Rettew Associates recently completed a seven-year transition into being entirely employee-owned through an employee stock ownership plan. Rettew is a Lancaster-based engineering and environmental consulting company with 350 employees. It marks its 50th anniversary this year. The process was completed when the ESOP bought out the stakes in Rettew held by George R. “Hank” Rettew,

Bandit completes shift to employee ownership

Bandit Industry’s transition from family-to-employee ownership is complete. The highly anticipated move was completed Nov. 1, according to a press release from the company. It came after two previous attempts at ownership change failed. Over the course of the summer, ownership of the company was transitioned into an Employee Stock Option Plan. While that means

AmeriBen becomes employee owned

AmeriBen, which employs hundreds of people in Meridian, is shifting its management model to be employee-owned, the company announced Tuesday. AmeriBen became employee-owned Oct. 31 by establishing an employee stock ownership plan, a release from AmeriBen said. Along with roughly 700 employees at its new building in Ten Mile Crossing, AmeriBen has 150 staff members

Bandit Industries completes ESOP sale to employees

Bandit Industries, Remus, Michigan, announced that it finalized its transition to a 100 percent employee stock ownership plan (ESOP) company on Nov. 1. Former owners Mike Morey Sr., Dianne Morey and Jerry Morey announced their intention to sell the company in an ESOP over the summer of 2018—a move that was celebrated by Bandit’s employees

Callahan & Associates announces 100 percent employee-ownership model

After more than 30 years of contributing to the credit union movement, Callahan & Associates announces a new ownership model designed to allow the firm to continue to help credit unions build member value. By becoming 100 percent employee-owned, the organization solidifies its ongoing commitment to its employees and the credit union industry it serves.

Paper company sued over ESOP transactions

The fiduciary of the Appvion Inc. Retirement Savings and Employee Stock Ownership Plan sued the bankrupt paper company's former management team, its board of directors and a slew of advisers for allegedly inducing employees to take money out of their 401(k) accounts to purchase 100% of the stock of Appvion's parent company, Paperweight Development Corp.

Oklahoma trailer manufacturer acquired by Gazette parent Folience

Folience, the parent company of The Gazette, has acquired an Oklahoma-based manufacturer of equine and livestock aluminum trailers. Cimarron Trailers employs 135 workers at a 90,000-square-foot facility in Chickasha, Okla. With a dealer network across North America, the company reports it has more than 12,000 of its trailers on the road. The acquisition was finalized Monday,

Film studio Aardman transfers to employee ownership

Bristol-based film studio Aardman, best-known for animations Wallace and Gromit and Shaun the Sheep, has transferred into employee ownership. Founders David Sproxton and Peter Lord have transferred the majority of Aardman’s shares into an employee ownership trust, which will hold the shares on behalf of the employer’s 140-strong workforce. The aim is to ensure that Aardman remains independent

Employees become the owners at another St. Louis company

Jim Sramek, founder and CEO of Midwest Equipment Co., has transferred his ownership to the company's 72 employees through an Employee Stock Ownership Plan, or ESOP. Midwest Equipment is a commercial food service equipment distributor in Missouri, Kansas, Illinois and Arkansas. Founded in 1993 and headquartered in Fenton, it operates four primary lines of business:

Capital Lighting becomes 100% employee owned

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

A custom solution for a family-owned business

The owners of a successful manufacturing business in West Michigan were struggling to develop a plan for the future. For the second-generation sibling owners, the clock was ticking to find a succession plan that fit them, their families and the company. One third-generation family member has been a key person for the company but did

BSA named a Certified ESOP

BSA, a national integrated design firm, has been named a Certified ESOP by Certified EO, a certification program for employee-owned companies. Founded in 1975, BSA has always been owned by employee shareholders, but it opened ownership to all employees earlier this year when it launched its first-ever Employee Stock Ownership Plan (ESOP). "Becoming an ESOP

Coeur d’Alene construction company converts to employee ownership

Rick Carlson and his wife, Shelley, started Inland Waterproofing Services Inc. at their kitchen table and grew the specialty construction company into a business with large commercial accounts. When Boeing built its 40-58 777X composite wing factory in Everett, the Coeur d’Alene company waterproofed 2 miles of tunnels underneath the facility. The company also waterproofed foundations for

North KC-based construction company becomes 100 percent employee owned

The last two private owners for Mega Industries Corp. agreed to sell their shares and make the company 100 percent employee owned. Founded in 1992 in North Kansas City, Mega Industries created an employee stock-ownership plan in 2006. However, CEO Brian Gordon and COO Craig Bridgeman still owned shares privately, outside the ESOP. They have sold those shares back

Transferring Ownership Of A Midsized Firm: How HdL Made Its ESOP Work

Some 70% of owners of small and midsized U.S. businesses will retire in the next 20 years, selling or passing on $10 trillion in assets (California Association of Business Brokers). Yet 58% of 200 such firms surveyed last year by Wilmington Trust don’t have an ownership transition plan for the business. That’s a recipe for trouble for

Flipkart Employees To Become Millionaires As Walmart To Buy ESOPs

Flipkart employees are expected to strike gold through the deal of acquisition of the e-commerce giant by Walmart. Flipkart has recently allowed its employees – if they want – to sell their stocks to its parent company. The employee stock options present at their disposal had their valuation increased as a result of the deal. The increase