Wisconsin-based company sold 100 percent of shares into Employee Stock Ownership Plan.
Organic ingredients supplier Ciranda has shifted 100 percent of its ownership to its employees, the Hudson, Wis.-based company announced last week.
Effective Octpber 1st, Ciranda sold 100 percent of its shares into an Employee Stock Ownership Plan, allowing eligible employees to share ownership through annual stock distributions. The company currently employs 44 people.
"Our employees inspire us every day with their passion and creativity," said Ciranda CEO Hans Friese. "The ESOP allows us to transition the company into the hands of those who have helped build it, and those who will join us in the future."
Founded in 1994 by Friese and his wife, Joan, Ciranda supplies certified organic, non-GMO and Fair Trade ingredients to the organic food and personal care industries, a fast-growing market exceeding $40 billion in the United States. The couple will continue to be active in Ciranda's daily operations.
"We wanted to ensure that the life of the company would continue," Joan Friese said. "There are so many people who depend on our business – not only employees and their families, but also customers, farmers, producers and their families around the world."
The ESOP will be added to Ciranda's benefit package, which includes the following: competitive salary; Health/Life/ADD/STD/LTD insurance; Safe Harbor 401K; paid time off; complimentary yoga and meditation sessions; and potential annual bonus and profit-sharing opportunities.
As seen in Candy Industry magazine.