DATE RELEASED: 07/17/19

Summit, NJ: The principals of Pilot Hill Advisors, through their broker/dealer Corporate Finance Associates, are pleased to announce it has successfully assisted its client complete a 100% ESOP sale of stock to its newly-formed ESOP.

The company was founded in the early '60s and with this sale, completed its third ownership transition. Given the growth and size of the business it became too costly for an internal buyout, which is how the prior transitions occurred.  By using the ESOP,...

DATE RELEASED: 07/12/19

Connecticut Governor Lamont signed an omnibus bill on July 9 that included a provision permitting architectural firms to have up to 100% of their shares owned directly by an ESOP. This replaces a long-standing requirement that at least two-thirds of the ownership of an architectural firm be held by licensed architects.

See pages 23 to 26 of Connecticut's Public Act No. 19-177

DATE RELEASED: 07/10/19

Iowa Fabricator Sold to ESOP-Owned Buyer - Preparing for Sale

The pull back home can be very strong, as anyone who has returned to work in a family business can attest. Lisa Wertzbaugher can vouch for that fact.  After several years living in Chicago and working in the medical device industry, she made a pretty dramatic life change in 2013. She went back to work for her parents, Larry and Gloria Dlouhy, and the family business, Superior Tube Products in Davenport, Iowa.

The metal...

DATE RELEASED: 07/08/19

Benchmarking compensation data can be a critical tool to help companies make sound decisions. There are very few compensation data sources available that provide a sizable number of ESOP companies for comparison. The NCEO's Executive Compensation Survey is one of the only data sources specifically tailored to companies with ESOPs.  The NCEO gathered executive and director compensation data from ESOP companies from October 2018 through April 2019. Our online survey received 419 valid...

DATE RELEASED: 06/24/19

LUBBOCK, Texas, June 24, 2019 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) ("South Plains" or the "Company"), the parent company of City Bank, today reported its results as of and for the quarter ended March 31, 2019.  [SPFI is 17.2% owned by its Employee Stock Ownership Plan.]

First Quarter 2019 Financial Highlights

  • Net income for the first quarter of 2019 increased to $4.8 million, compared to $4.6 million(1) in the first quarter of 2018. 
  • ...
DATE RELEASED: 06/21/19

Dealmaking has never been a priority for Rhonda Newman. But after Remington Products Co. received an unsolicited and very attractive offer from a New York-based private equity firm, Newman felt she had to respond.

"ESOPs, by their very nature, can be somewhat risk-averse," says Newman, president and CEO of the Wadsworth-based designer and manufacturer of branded and private label orthotics. "When you're dealing with employee retirement funds, it's...

DATE RELEASED: 06/15/19

L.D. 1520 is an opportunity to further grow employee ownership, which allows workers to fully benefit from the application of their skills and the outcomes of their efforts.

Employee ownership is neither well known nor, often, well understood. However, at its core it is a simple concept: ownership of an enterprise by those most impacted and able to determine its success.

Employee-owners understand that our collective success leads to our individual success and vice versa. In an...

DATE RELEASED: 06/13/19

MAYVILLE, Wis.--(BUSINESS WIRE)--

Mayville Engineering Company (NYSE:MEC) (the "Company" or "MEC"), a leading U.S.-based value-added manufacturing partner that provides a broad range of prototyping and tooling, production fabrication, coating, assembly and aftermarket services, today announced that the Company's board of directors has authorized a share repurchase program of up to $4.0 million of shares of the Company's common stock.

The program will allow the Company to use the...

DATE RELEASED: 06/11/19

JASPER Holdings, Inc., the parent company of Jasper Engines and Transmissions has acquired Diesel USA Group, Inc. headquartered in Louisville.

The Diesel USA Group will remain a separate company and brand as it becomes part of the JASPER ESOP.

From their locations in Louisville, KY; Cincinnati, OH; Columbus, OH; Indianapolis, IN; Fort Wayne, IN; Crown Point, IN; and Fontana, CA, Diesel USA Group...

DATE RELEASED: 06/10/19

When people think of employee-owned businesses, large companies such as grocery chain WinCo — with scores of locations across the western U.S. — spring to mind, said Poncho Baker, the new CEO of Ritchie Trucking in Fresno.

But for owners who want to see their business and life's work continue, and for workers looking for job security and a larger stake in what they've helped build, transferring ownership via an employee-stock ownership program (ESOP) can mean keeping the integrity and...

DATE RELEASED: 06/08/19

Brookfield, Wis. (May 9, 2018) – OwnersEdge Inc., an ESOP holding company based in Brookfield, has acquired QComp Technologies, a robotic systems integrator in the Fox Valley that serves clients throughout the United States and Canada. OwnersEdge now has four 100% employee-owned companies – BAYCOM Inc., CC&N, QComp Technologies and TourGuide Solutions – and more than 300 employees.

"QComp has been on...

DATE RELEASED: 06/07/19

Near-record-low unemployment has companies fumbling to find the best ways to recruit and retain workers. Our research suggests a sure-fire way to do just that: Give them a real stake. By that we simply mean sharing some of the profits and even ownership with the men and women who are fundamental to their companies' success.

Most Americans say they want it. A recent government survey found that vast majorities of respondents across the political spectrum prefer to work for an employee-...

DATE RELEASED: 06/05/19

Three former employees of America's largest hearing aid manufacturer, Starkey Hearing Technologies, are suing the company and a group of its current and former executives for failing to uphold their fiduciary duties tied to an employee stock ownership program.

The suit, filed in Minnesota district court on Monday, alleges that the program lost nearly $37 million, and had a net loss of almost $4 million between 2008 and 2017 when the ESOP was closed.

This suit comes a year after...

DATE RELEASED: 06/05/19

Dive Brief:

Pariveda Solutions took the top spot of Fairygodboss's Best Companies for Women in 2019. Described as an employee-owned strategic services and IT consulting firm, Pariveda Solutions earned the highest score (99) from its employees for being a workplace offering clear career advancement, pay transparency, a mentorship program and an Esprit de Femme program to help women share and discuss new ideas. Along with Pariveda, the top...

DATE RELEASED: 06/04/19

NORWALK, Conn., Jun 04, 2019 (SEND2PRESS NEWSWIRE) — Best Friends Pet Hotel, a national operator of pet hotels with 30 locations throughout the United States offering boarding, grooming, doggy day camp, training and retail services at each of its locations, announced today its Employee Stock Ownership Plan, or ESOP, acquisition led by Mosaic Capital Partners.

With this ESOP transaction, Best Friends has become the largest employee-owned company in the Pet Care industry. Jared Pinsker,...

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