Summit, NJ: Pilot Hill Advisors LLC is pleased to announce the newly formed Employee Stock Ownership Plan (ESOP) of Wright Architectural Millwork Corp. recently acquired 100% of the company's shares.
Established in 1974, the company is a highly regarded cabinetry and woodworking contractor with a primary geographic focus on New England, Westchester County and Upstate New York. The company's shareholders, Mike Buell and Walt Price had considered various ownership transition strategies including selling to strategic and financial buyers, however they ultimately determined that an ESOP buyout would address their need to sell their shares while simultaneously perpetuating the company and providing the employees with a long term, stock-based retirement plan. Furthermore, the ESOP's 100% ownership will allow the company to eliminate federal corporate income taxes, thereby enhancing the company's cash flow. The principals of Pilot Hill Advisors LLC were proud to assist the company in evaluating, structing and executing the ESOP transaction.