The sole shareholder of east coast manufacturing company completed a partial sale of stock today to its newly-formed ESOP. The company's 110 employees have come to own a substantial interest in the company by virtue of this sale.
The company started as a residential and commercial contractor and over time, it has became a commercial-only contractor specializing in facilities maintenance and construction that focuses restaurant interior construction and renovations, The company also fabricates its millwork through its in-house shop. This capability enables the firm to be extremely competitive and ensure timely delivery on short notice.
The sale of stock to the ESOP is part of a longer term ownership transition plan. Commenting on the transaction the founder said, "I hope to sell additional stock to the ESOP as long as the team continues to work in harmony with each other. I am blessed with a great management team that I am comfortable can lead the company though I will remain actively involved for several more years to ensure a successful management transition is completed as well.”
Pilot Hill Advisors assisted in the planning, structuring, financing and closing of this transaction. The found again comented, "Our company ESOP advisors at Pilot Hill Advisors assisted us greatly in preparing the company for sale to an ESOP by evaluating the different ways we might structure a sale, negotiating the financing and communicating the ESOP opportunity to our employees."