Summit, NJ: Pilot Hill Advisors LLC announced today that the shareholders of Cambridge, MA based Charles River Analytics, Inc. (www.cra.com) sold their outstanding stock to the company's newly-formed Employee Stock Ownership Plan (ESOP). Terms of the transaction were not disclosed. Pilot Hill Advisors LLC structured and negotiated the transaction on behalf of Charles River Analytics, Inc.
Since 1983, Charles River Analytics...
Senators Ben Cardin (D-MD) and Pat Roberts (R-KS) recently introduced Bill 742, the "Promotion and Expansion of Private Employee Ownership Act."
Among other things, S.742 would allow majority owned S-corporation ESOPs to participate in certain Small Business Administration loan programs and extend the capital gains tax deferral (aka, "1042 Rollover") to selling shareholders of S corporations. Click here...
Summit, NJ: Pilot Hill Advisors LLC announced today that The Brewer Company (www.thebrewerco.com) has sold a majority interest to its newly-formed Employee Stock Ownership Plan (ESOP). Terms of the transaction were not disclosed. Pilot Hill Advisors initiated, structured, arranged financing and negotiated the transaction on behalf of The Brewer Company.
Founded in Cincinnati, Ohio, The Brewer Company manufactures and...
The American Taxpayer Relief Act, signed in to law on 1/2/2013, made changes in the recognition period for built-in gains taxes for C corporations converting to S status.
Previously, the law required S corporations to pay tax on the sale of appreciated assets for ten years after conversion. The 2009 tax law allowed companies that had already begun their recognition period, for any taxable year beginning in 2009 and 2010, that no tax will be imposed if the seventh taxable year in the...
Assemblyman Upendra Chivulula (NJ Disctric 17), the deputy speaker of the New Jersey State Assembly, introduced a bill to exclude from taxation any gains on the sale of at least 30% of a company to an ESOP or eligible worker cooperative (as defined by Section 1042 of the Internal Revenue Code).
Unlike federal law, the bill includes sales to ESOP in S corporations.
Qualified companies include those employing less than 500 employees and not traded on a public exchange. ...
RIDGEFIELD, Conn., Jan. 2, 2013 (GLOBE NEWSWIRE) -- The Chefs' Warehouse, Inc. (Nasdaq:CHEF), a premier distributor of specialty food products in the United States, today announced that it has acquired substantially all the assets of Queensgate Foodservice, located in Cincinnati, OH.Founded in 1999, Queensgate is a distributor stocking more than 8,000 items, including a full line of produce, fresh meats and poultry, dairy, dry grocery, and frozen foods. They currently serve some of the...
Summit, NJ: Pilot Hill Advisors LLC announced today that Array Architects, Inc. (www.array-architects.com), adopted a partial ESOP to broaden ownership, effect an orderly ownership transition and reward staff that have contributed so heavily to the company's growth and success. The firm's management team remains intact.
Pilot Hill Advisors represented the company as its ESOP advisor and investment banker and assisted with...
Summit, NJ: Pilot Hill Advisors LLC announced today one of its engineering consultancy, surveying, landscape architecture clients restructured its ownership to include an Employee Stock Ownership Plan (ESOP) for a minority interest in the firm. Pilot Hill Advisors represented the company as its ESOP investment banker and assisted with the planning, execution and closing of this transaction.
The 130 employee firm provides engineering solutions for clients in...
Summit, NJ: Robert Massengill was elected to the Board of Directors of Alliance Holdings, Inc., a 100% ESOP-owned, private equity firm located in Philadelphia, PA. The firm's core belief is that employee ownership, through the use of a captive ESOP structure, provides the greatest benefits to both selling shareholders and their employees. Ken Wanko, Alliance CEO commenting on the news said, "As our new leadership team looks forward, we will continue to acquire in...
The American Society of Pension Professionals & Actuaries (ASPPA) today announced the release of a new educational certificate called "The Employee Stock Ownership Plan (ESOP) Administration Certificate."
"The new ESOP Administration certificate was created for retirement plan professionals interested in expanding their knowledge of employee stock ownership plans so they can provide full ESOP administration and consulting services to their clients and become a valuable asset to...
Summit, NJ: Pilot Hill Advisors LLC announced today that Robin Industries, Inc. (www.robin-industries.com) and its shareholders recently completed the sale of 49% of the company to a newly-formed Employee Stock Ownership Plan (ESOP). The company's ownership has changed, but its management team will remain the same. Pilot Hill Advisors represented the company as its ESOP investment banker and...
A study released by Alex Brill, former advisor to the Simpson-Bowles bipartisan deficit reduction commission and a fellow at the American Enterprise Institute, finds that private employee stock ownership plans (ESOPs) organized as S corporations increased employment over the last decade more quickly than the overall private sector. Among surveyed "S-ESOP" companies, the Brill study reported, jobs grew by 60 percent over the past decade, while jobs in the private...
Summit, NJ: Robert Massengill was recently elected to the Board of Directors of Queensgate Foods, a 100% ESOP-owned food distribution business located in Cincinnati, OH. The company was acquired in a management buyout in 2002 and became a 100% ESOP in 2008. Bob is one of two outside directors and works closely with the other directors, leadership team and ESOP advisors. Queensgate President Pat O'Callaghan commented, "Our company is very pleased Bob has accepted this...
New York has relaxed its professional company ownership laws an now allows non-licensed professionals to own up to a 25% stake in companies such as architecture and engineering firms.
That means corporate attorneys, chief financial officers, marketing staff and other non-licensed professionals can become owners, thereby facilitating a simpler process for adopting employee stock ownership plans, among other techniques. This law relaxes a restriction that has been in place since 1935...
Pro ESOP bill H.R. 1244, the "Promotion and Expansion of Private Employee Ownership Act of 2011," was introduced today by a bi-partisan group of key members of the House Ways and Means Committee: Congressmen David G. Reichert (R-WA), Ron Kind (D-WI), Charles W. Boustany, Jr. (R-LA), Earl Blumenauer (D-OR), Erik Paulsen (R-MN), and Bill Pascrell (D-NJ).
"This bi-partisan declaration of support for employee ownership through the ESOP (employee stock ownership plan) model among privately...
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