DATE RELEASED: 04/28/18

One of the management team members let out a gasp. Two others shook their heads in disbelief and angst. The senior leader on their team had just informed them that the company they had been strategically targeting over the last several months was employee-owned, or at least partially employee-owned, through an Employee Stock Ownership Plan (ESOP).

Several people on the team had heard stories of the ESOP at Enron, as well as ESOPs that have been the subject of contentious government...

DATE RELEASED: 04/24/18

CINCINNATI, April 24, 2018 /PRNewswire/ -- The Motz Corporation, global provider of innovative turf solutions, is now employee owned after launching an employee stock ownership plan (ESOP).

Founded in 1977 and serving the high-performance natural and synthetic turf markets, The Motz Corporation is one of the most recognized and highly respected turf system specialists in the world. Celebrating more than 40 years in the industry, the Company...

DATE RELEASED: 04/20/18

Sonnax Industries Inc, a maker of automatic transmission parts in Bellows Falls, was sold in early April to Marmon Holdings, Inc, a subsidiary of Warren Buffett's company, Berkshire Hathaway. Sonnax was an employee-owned company, whose ESOP was sued by the US Department of Labor, as first reported by VBM in January 2017.  According to a press release and email, the new company will operate as Sonnax Transmission Company. Terms of the sale were not disclosed. The company will remain in...

DATE RELEASED: 04/18/18

An employee stock ownership plan (ESOP) is a benefit program in which employees acquire ownership of the company they work for by receiving shares of stock in it, typically with the help of bank loans that fund the ESOP. When employees retire or leave for other reasons, the company buys back their shares at current value. Significant tax breaks make ESOPs attractive to owners looking for an exit strategy that will compensate them and enhance their employees' financial security at the same...

DATE RELEASED: 04/18/18

Brent Nussbaum, CEO of Nussbaum Transportation, the trucking company his father started in 1945, says the best way to keep the firm family-owned for the next generation and to retain good people is by having his employees become part owners.

Beginning April 16, the Hudson, Ill., carrier gave 35% of ownership to employees through an employee stock ownership plan, known as an ESOP. Any employee on the payroll as of Jan. 1 is eligible immediately, and future employees become vested after...

DATE RELEASED: 04/13/18

Three pioneers of the solar industry in the Bay Area are in different stages of transferring the businesses they created, but they are all traveling on a similar road. They are all transferring the ownership of their businesses to their employees.

SOLARCRAFT

Bill Stewart is the former CEO and co-owner of SolarCraft, a 34-year-old solar company located in Novato. Stewart says that in the early days, almost all of their business was solar water heating, mostly for swimming pools....

DATE RELEASED: 04/06/18

Workers at Stewart's Shops are riding a rising company stock price that has created dozens of new millionaires heading for retirement, at least on paper.  Stock for the privately held company, which employs more than 4,500 people, has boomed this decade, rising 66 percent between 2011 and 2016, according to annual reports filed with the U.S. Labor Department.

Stewart's workers, who own almost 40 percent of that stock through a company retirement program, have been riding high along...

DATE RELEASED: 04/02/18

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Shutterfly (NASDAQ: SFLY), the leading online retailer and manufacturer of high-quality personalized products and services, today announced it has closed its previously announced acquisition of Lifetouch, the national leader in school photography. The company financed the acquisition with the proceeds of an $825 million incremental term loan facility, which closed simultaneous with the acquisition.

"We are thrilled to welcome...

DATE RELEASED: 03/23/18

WASHINGTON — Popular convenience and gas store chain Wawa has launched its annual spring hiring campaign and says it's goal is to hire up to 5,000 new employees during the next three months.

The new hires are spread across Wawa's 790 stores in six states, but Wawa has a big Washington-Baltimore presence, and its local footprint is growing.  The new openings include everything from customer service to management-level jobs.  Wawa says every store will have some job opportunities, and...

DATE RELEASED: 03/22/18

Valuation multiples continued to surge in the fourth quarter of 2017, according to GF Data. Deal pricing pushed upward to an average mark of 8.1x EBITDA, a 19.3% increase over the year­ ago fourth quarter (6.8x) and a 7.0% jump from 3Q:17 (7.5x). The 8.1x mark is a 28.5% increase over the GF Data historical average multiple of 6.3x, which includes deals dating back to 2003.

Completed deal volume for the fourth quarter was up 19.3°/o over the corresponding quarter last year, and 41.7%...

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