Array Architects Effects Partial ESOP
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 the planning, execution and closing of this transaction.
Founded in 1983, Array is a 120 person firm that provides design solutions exclusively to the healthcare industry. It has offices in Pennsylvania, New York, Ohio, Florida, Texas and California. In 2012, Array was ranked #428 in Engineering News-Record's Top 500 Design Firms in the United States and 12th in Modern Healthcare's list of Top Healthcare Architectural Firms, and was the largest healthcare-only design firm on Architecture Record's Top 250 Firms.
Reflecting on the recent ownership change, the firm's President and CEO Carl Davis said, "It was the deep appreciation of our staff's efforts over the past years, as well as the satisfaction of knowing that those same individuals will participate in the value they helped create, that motivated Array's Board of Directors to create this opportunity. This form of ownership transition made absolute sense as we looked to the future and planned our third generation of owners and leaders."
Bob Massengill, Managing Director of Pilot Hill Advisors said, "It was a pleasure to assist another architecture firm design an ownership transition plan that balanced the needs of the company, shareholders and employees."