ESOP Transactions

DIXIEPLY is now 100% employee-owned

Dixie Plywood and Lumber Company (DIXIEPLY), a leading wholesale distributor of building materials, is proud to announce it has become 100% employee-owned through an Employee Stock Ownership Plan(ESOP). The ESOP was announced to DIXIEPLY’s employees on November 1st by Dan Bradley, President of the 75 year old company. The ESOP became effective October 31, 2019.

Employee Stock Ownership Plan at Immel Construction

At Immel Construction, 100 percent of the company’s stock has been sold to its employees through an Employee Stock Ownership Plan – the next step in the firm’s evolution in ownership – but Immel will continue to operate under the same business model and structure. “We are excited to usher in this new era at Immel Construction

Central Ohio energy company goes employee-owned

Utility Technologies International Corp., a Groveport-based company that works in management, engineering, construction, operations and maintenance of natural gas pipelines and infrastructure, has completed a transition to employee ownership. The company, founded by CEO Richard "Dick" Dickerson in 1992, is now controlled by the 69 people who work there. Several of UTI's former shareholders will

After 50 years in business, office supplier announces new owners: its employees

Metro Sales Inc. is a Richfield, Minn., company that sells printers and copy machines throughout the Upper Midwest. It's not a big-name company, but it is a successful one; it has nearly 300 employees and has been in business for 50 years in 2019. The company is marking that golden anniversary by turning ownership over

New Belgium Brewery’s employees think like owners. Because they are

It’s a bright morning in Fort Collins, Colorado. An overnight fog has just lifted. And inside the New Belgium Brewery headquarters, a big, glassy barn of a building, the craft beer producer’s CEO, Steve Fechheimer, is facing a firing squad. “There’s been some concern around Mural,” he says, referring to the company’s most significant new

This Columbus architecture firm is now owned by its employees

MKSK Inc. is now employee-owned. The Brewery District-based urban design, planning and landscape architecture firm has completed a transition of its ownership structure to an Employee Stock Ownership Plan. That means its 100 employees, split between Central Ohio and six regional offices around the country, are now its owners. "It's an opportunity for us who

Hercules Industries Becomes Employee Owned

Hercules Industries announced that effective October 1st, it will become an employee-owned company. The existing shareholder group is planning on transferring 100 percent of Hercules shares to an Employee Stock Ownership Plan (ESOP). "For the past two decades Hercules has grown to over 20 locations and five manufacturing facilities through hard work and investments back into

Minneapolis restaurant Hell’s Kitchen is selling — to its employees

Hell’s Kitchen, the cheekily named restaurant in downtown Minneapolis that’s known for its house-made peanut butter, lemon ricotta pancakes and crazy huge bloody Mary bar, is turning over ownership of its operations to employees. Instead of selling the 17-year-old restaurant to outsiders, owners Cynthia Gerdes and Steve Meyer (co-founder and Gerdes’ husband, Mitch Omer, died

Macaran becomes 100% employee-owned

Macaran Printed Products a division of W.N. Van Alstine and Sons, Inc. has announced that the company has become a 100% employee-owned entity, converting to an Employee Stock Ownership Plan (ESOP) which became effective earlier this year. Macaran, a high definition pressure sensitive label converter in Cohoes, NY, was founded more than 44 years ago and

Crafton embraces ESOP to preserve company’s culture, legacy

Matt Crafton’s entire life has been shaped by the company his father co-founded 56 years ago. Now, he’s put forth a plan that will help shape the lives of the people who work for it. On Sept. 3, Crafton Tull, a multistate engineering and design firm headquartered in Rogers, Arkansas, announced the formation of an

Ownership of Yankee Publishing to Transfer to Employees

Yankee Publishing Inc., a family-owned business for 84 years, announced the sale of 30% of its shares to the company’s employees through an Employee Stock Ownership Plan or ESOP. The company, with 85 employees based in offices in Dublin and Manchester, New Hampshire, publishes Yankee, The Old Farmer’s Almanac, New Hampshire Magazine, Family Tree Magazine,

Summers Trucking employees meet new owners: themselves

Summers Trucking employees gathered for breakfast Saturday morning at the Ephrata American Legion. After ham and eggs and all the fixings, the 91 employees learned that the Summers family owners, Becky, John and Ken, had transferred their shares in the business to an employee stock ownership plan (ESOP). With that move, the Summers management triad

The workers have become the owners at this Bangor construction company

As Scott Dunbar and Alan Brawn eyed retirement in recent years, they had to make some serious decisions about the Bangor construction company they started 16 years ago. They could sell Dunbar and Brawn Construction to a competitor. They could simply close the doors of their headquarters on Hildreth Street and sell off the property.

Saalex Becomes Employee-Owned Company

Saalex Corp. has announced that the company is now owned by its employees through an employee stock ownership plan. Employees of the Camarillo engineering and information technology services company will receive stock allocations annually that will vest over a period of time and increase in value as the company grows. Chief Executive Travis Mack said

Wilson Electric is now 100% employee-owned

Wilson Electric Services Corp. announced that the company’s ESOP (Employee Stock Ownership Plan) has purchased the balance of the company shares, making it 100 percent employee-owned. Wilson Electric, a leader in the electrical contracting industry, has been a partial ESOP since 2005, with employees owning 47 percent of the company’s overall shares. On May 21,

Johnny’s Pizza House celebrates 100% employee ownership

Johnny’s Pizza House has announced that the company reached its goal of becoming a 100% employee-owned organization. Founder Johnny Huntsman imitated the change, and work started in May 2000. Founded in 1967, Johnny’s Pizza House was supported and funded by members of the Huntsman family, friends of "Mr. Johnny," and some of the very first Johnny’s

CNC Indexing & Feeding Technologies Sells Company to ESOP

Mason, Ohio-based CNC Indexing & Feeding Technologies announces that the company is now owned by an Employee Stock Ownership Trust, effective immediately. In the transaction, current and future employees gain a beneficial ownership interest in the company without any personal monetary investment. The ESOP was developed to give back to CNC Indexing & Feeding Technologies’ employees and

Absolute Machine Tools Announces Sale of Company to ESOP

Lorain, Ohio-based Absolute Machine Tools announces that the company has been sold and is now owned by an Employee Stock Ownership Trust (ESOP), effective immediately. In the transaction, owners Steve and Courtney Ortner sold 100 percent of their ownership interest to a newly created ESOP, allowing current and future employees to gain a beneficial ownership interest in

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