ESOP Transactions

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

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