Robin Industries, Inc. Establishes Employee Stock Ownership Plan
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 assisted with the planning, execution and closing of this transaction.
Robin Industries designs and manufactures specialty molded products for the automotive, medical, government and industrial markets. Robin is known for its innovative custom designs and premium manufactured rubber and plastic products. Headquartered in Independence, Ohio, the company operates factories throughout Ohio and in Mexico and China.
Since 1986, employee ownership has been part of Robin's culture. The orderly transition of ownership to employees via the ESOP is paramount to the existing shareholders and has been their exit strategy for some time. It is the owners' belief that there was no better way to preserve Robin's legacy and promote its success than placing the next generation of ownership in the hands of those who have built and will continue to build the Company.
Bob Massengill, co-founder and Managing Director of Pilot Hill Advisors said, "The ESOP is a winning proposition for everyone. It provides an excellent liquidity strategy for the owners, tax benefits for the company and retirement benefits for employees."