Woodstock, New York, July 19, 2018 (GLOBE NEWSWIRE) -- Miller/Howard Investments is pleased to announce that current shareholders of the company have agreed to sell 100% of their stock to an ESOP (Employee Stock Ownership Plan). The ESOP will hold in trust, through an institutional trustee, all of the company equity exclusively for the benefit of all current and future employees. Indeed, the employees will no longer be simply employees—every employee will have the economic benefits of stock ownership and a stake in the continued success of the firm.
In an ESOP, the company continues to operate as before, with no changes to the investment team, investment process or philosophy. Lowell Miller will remain Chief Investment Officer and will serve as Chairman of the Board of Directors, which will be expanded and include an independent Board member. The current Management Committee, which reports to the Board, will continue to manage the day-to-day affairs of the business.
"We wanted to spread ownership of our firm among all who have and will contribute to its success," said Mr. Miller. "Through an ESOP we can ensure that our business will remain where it is and as it is, and put in place a formal system of incentives for all employees to maximize their talents and abilities, within our highly team-based culture. We believe that an employee-owned firm is ideal for clients, and the ESOP recognizes that each team member's contribution really counts."
"We have strong relationships with our clients and successful advisors across the country—many dating back to the early days of our portfolio management over 25 years ago. This conversion helps ensure a smooth framework to continue our well-earned reputation for investment, operational, and service excellence for our clients," noted Dana Troxell, President of the firm.
This ESOP is part of an overall succession plan for Miller/Howard. In addition, the company is pleased to announce the appointment of Greg Powell, PhD, to the position of Deputy Chief Investment Officer. Greg has made important contributions since joining the firm, bringing his extensive experience in larger firms to bear in helping strengthen and organize our team process. He will work closely with Mr. Miller and assume some of his current responsibilities while continuing to develop further the original research projects for which the firm is known. He will help guide the substantial talent resources of the Investment Team, which has a combined 192 years of investment experience, as he has already.
About Miller/Howard Investments Inc.
Miller/Howard Investments was founded as an institutional research firm in 1984 and has managed equity portfolios with an income focus since 1991. The firm invests in quality stocks with strong balance sheets and fundamentals, and the ability to pay and willingness to increase dividends over the years, creating compounding returns, and, ultimately, capital appreciation based on the expected valuation of companies producing ever higher cash flows. The focus is classic sector-diverse dividend and dividend-growth quality stock investing providing reliable and rising income, with several additional sector specialties. It is a long-term approach, though always seasoned with an ever-alert awareness of economic and business trends that may provide tailwinds or headwinds for specific companies.
The ESOP conversion, which is subject to applicable regulatory approval and client consents, is expected to close in 2018.
Miller/Howard Investments, Inc.