ESOP Transactions

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

Two linked KC companies go ESOP and announce rebranding

Two linked Kansas City companies have become employee-owned — under a new brand name. M.E. Group Inc. and Forte Building Science are now BranchPattern Inc. and have established an employee stock-ownership plan (ESOP), according to a release from BranchPattern. The company specializes in building construction consulting and is based in Overland Park. “People are at the

Sun Light & Power transitions to 100% employee-owned

After more than 40 years in business, California’s Sun Light & Power announced the implementation of an Employee Stock Ownership Plan (ESOP) giving 100% ownership to the company’s 80+ employees. The transition supports the company’s belief in its greatest differentiating assets: its people. “For 42 years, I have proudly owned the company. Now, it’s time

Legend Seeds Now Employee Owned

As of Aug. 1, Legend seeds is an employee owned independent seed company. It was founded in 1990 by Glen and Janet Davis and had been family owned until this recent switch. Legend Seeds employs more than 100 people in the upper Midwest. The new Employee Stock Ownership Plan gives all employees ownership in the

Chicago-Based Verit Advisors® Completes ESOP Transaction for Max Auto Supply Company

Verit Advisors®, a Chicago-based investment banking firm, is pleased to announce the completion of the 100% sale of Max Auto Supply Company to an Employee Stock Ownership Plan (ESOP).  Max Auto is the largest franchisee of Midas auto care and repair centers in the country with locations across Ohio, Michigan, New York, Pennsylvania, Kentucky, and

Legend Seeds Transitions from Family Owned to Employee Owned

Legend Seeds proudly announces its transition from a family-owned independent regional seed leader, to an employee-owned independent regional seed leader through an Employee Stock Ownership Plan (ESOP) as of August 1, 2018. Founded in 1990 by Glen and Janet Davis, Legend Seeds has embarked on its 29th selling season in the seed industry serving dealers and growers across the

Business flows for employee-owned firm

Anyone who’s taken a swim in the Sheraton Waikiki's infinity pool, or driven past the fountain at the entrance to Kahului Airport or looked up at the corner of Auahi and Kamakee streets to see Anaha’s glass-bottomed pool cantilevered over the street is familiar with Pacific Aquascapes’ work. The locally owned company is one of

Cleveland’s Great Lakes Brewery to Become Employee-Owned

“Growing numbers of US companies are giving workers financial stakes via employee stock ownership plans,” writes Judy Stringer in Cleveland Crain’s Business. Now Great Lakes Brewing Company is poised to join their ranks. Bolstr, a small business crowdfunding site, listed Great Lakes as the number-one craft brewery in Ohio in a 2015 article and described the brewpub as follows: Great Lakes

Charleston|Orwig Inc. is now employee-owned.

Hartland-based strategic marketing and communications firm Charleston|Orwig Inc. is now employee-owned. The company’s owners, chairman and founding partner Lyle Orwig, chief executive officer Mark Gale, and president Marcy Tessmann, sold their 33 percent ownership stakes to an employee stock ownership plan trust on June 15. The company is now 100 percent owned by the ESOP, and all

ESOPs, a Heartland specialty, turn workers into owners

For Hal Gershman, the problem was one of succession: what to do with the North Dakota business that his father, “Happy” Harry Gershman, started in 1944, and that Hal took over and steered through multiple expansions starting in 1976. Hal’s daughter had her own career and wasn’t necessarily interested in assuming leadership of Happy Harry’s

Wood waste processing leader Bandit goes 100 percent employee-owned

Bandit Industries announced on June 7 they would sell 100 percent of the company to their employees in an employee stock ownership plan (ESOP).  Under the ESOP, Bandit, a maker of woodchippers and other wood waste processors, will retain its current leadership. The announcement comes after two previous attempts to sell Bandit Industries – once to

Bandit Industries to go 100 percent employee owned

Bandit Industries – Isabella County’s eighth-largest employer – announced on Friday it would become 100 percent employee-owned.  Announcement of the change, after several years of trying to find a buyer, comes two months after the Morey family that owns the firm began a $1.4 million expansion. Owners Mike Morey Sr., Dianne Morey and Jerry Morey said