Florida Engineering & Planning Firm Sells Stock to ESOP
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 the public works, transportation, health care, education, federal works and land development sectors. It has a diversified staff of engineers, planners, technicians and specialists that is committed to successfully producing and managing projects for federal, state, and local governments, as well as clients in the private sector. Though the firm's ownership has changed, its management team will remain the same.
Reflecting on the recent ownership changes the firm's CEO said "The ESOP purchase and ownership restructuring were an important part of our long-term goal of assuring continuity in the business as well as giving our employees an opportunity to participate in our success."
Bob Massengill, co-founder and managing director of Pilot Hill Advisors said, "The ESOP provided a perfect internal buyer for the firm and consistent with the company's philosophy of giving back, while also providing internal liquidity for the senior firm shareholders."