ESOP Transactions

Business flows for employee-owned firm

Anyone who’s taken a swim in the Sheraton Waikiki's infinity pool, or driven past the fountain at the entrance to Kahului Airport or looked up at the corner of Auahi and Kamakee streets to see Anaha’s glass-bottomed pool cantilevered over the street is familiar with Pacific Aquascapes’ work. The locally owned company is one of

Cleveland’s Great Lakes Brewery to Become Employee-Owned

“Growing numbers of US companies are giving workers financial stakes via employee stock ownership plans,” writes Judy Stringer in Cleveland Crain’s Business. Now Great Lakes Brewing Company is poised to join their ranks. Bolstr, a small business crowdfunding site, listed Great Lakes as the number-one craft brewery in Ohio in a 2015 article and described the brewpub as follows: Great Lakes

Charleston|Orwig Inc. is now employee-owned.

Hartland-based strategic marketing and communications firm Charleston|Orwig Inc. is now employee-owned. The company’s owners, chairman and founding partner Lyle Orwig, chief executive officer Mark Gale, and president Marcy Tessmann, sold their 33 percent ownership stakes to an employee stock ownership plan trust on June 15. The company is now 100 percent owned by the ESOP, and all

ESOPs, a Heartland specialty, turn workers into owners

For Hal Gershman, the problem was one of succession: what to do with the North Dakota business that his father, “Happy” Harry Gershman, started in 1944, and that Hal took over and steered through multiple expansions starting in 1976. Hal’s daughter had her own career and wasn’t necessarily interested in assuming leadership of Happy Harry’s

Wood waste processing leader Bandit goes 100 percent employee-owned

Bandit Industries announced on June 7 they would sell 100 percent of the company to their employees in an employee stock ownership plan (ESOP).  Under the ESOP, Bandit, a maker of woodchippers and other wood waste processors, will retain its current leadership. The announcement comes after two previous attempts to sell Bandit Industries – once to

Bandit Industries to go 100 percent employee owned

Bandit Industries – Isabella County’s eighth-largest employer – announced on Friday it would become 100 percent employee-owned.  Announcement of the change, after several years of trying to find a buyer, comes two months after the Morey family that owns the firm began a $1.4 million expansion. Owners Mike Morey Sr., Dianne Morey and Jerry Morey said

Fenix Flames rises from the ashes of traditional employee ownership schemes

As the pay gap between CEO and median employee earnings continues to increase, African solar energy company Fenix International is burning the outdated rulebook on traditional employee stock options. It announced the first cash payout to its employees across Africa, with mid-level and low-level workers set to benefit. How successful will the scheme prove to

Tanimura & Antle adds more than $21 million to employee stock plan

Celebrating its first anniversary as an employee-owned company, Salinas, Calif.-based Tanimura & Antle has contributed $21.7 million to its Employee Stock Ownership Plan. Tanimura & Antle created the plan in February 2017, under Rick Antle’s leadership, to “recognize the company’s greatest asset, its employees,” according to a news release. “Tanimura & Antle was built on

Eastman Auto and Power Limited initiates employee stock ownership plan

Eastman Auto and Power Limited, one of the leading companies in energy storage and solar solutions has initiated an Employee Stock Ownership Plan (ESOP) for its employees. An ESOP is a trust fund that owns the company, in which all full-time employees generally earn shares as part of their compensation. The objective of the initiative is to achieve organizational excellence through the valuable

ARGI Financial co-founder sells his shares in the company’s ESOP

Ron Butt, senior partner and co-founder of ARGI Financial Group, has sold his shares in the company. Butt agreed to allow other partners and the company's employee stock ownership plan, or ESOP, to buy him out of the company's ownership group, according to a news release. With this transaction, the ESOP now owns 28 percent of

Great Lakes Brewing Co. to offer Employee Stock Ownership Plan

What began as an annual employee summit turned into an emotional gathering culminating with bottles of beers being cracked open. The latter was encouraged by the owners, and with good reason. Great Lakes Brewing Co. owners Pat and Dan Conway and CEO Bill Boor saved the biggest news for the end of the off-site meeting Monday,

L’Oreal Launches an Employee Share Ownership Plan

L'Oréal is announcing the launch of its first Employee Share Ownership Plan. The plan will be rolled out in 52 countries and will give L'Oréal employees, in France and internationally, the possibility to be even more closely linked to the Group's development. Following the implementation of a "Worldwide Profit Sharing" policy which gives employees a

KI hands ownership over to employees

Green Bay-based furniture maker KI is now owned by its employees. KI announced that it completed transition to 100 percent employee stock ownership on April 27. The company was owned by members of the Resch family. CEO Dick Resch said this transition is a dream become reality. “This change marks the culmination of my lifelong

Jasper Engines announces record-setting employee share value

Associate-owner shareholders in the Jasper Engines & Transmissions Employee Stock Ownership Plan (ESOP) were treated to another record-setting share value announcement on April 26. A total of nearly $12,000,000 in new shares were distributed to over 2,400 eligible associate-owners. JASPER share value continues to experience rocket ship growth since the inception of its ESOP in

The Motz Corporation Proudly Becomes Employee Owned

The Motz Corporation, global provider of innovative turf solutions, is now employee owned after launching an employee stock ownership plan (ESOP).  Founded in 1977 and serving the high-performance natural and synthetic turf markets, The Motz Corporation is one of the most recognized and highly respected turf system specialists in the world. Celebrating more than 40 years in the industry,

Nussbaum Transportation Begins Employee Stock Ownership Plan

Brent Nussbaum, CEO of Nussbaum Transportation, the trucking company his father started in 1945, says the best way to keep the firm family-owned for the next generation and to retain good people is by having his employees become part owners. Beginning April 16, the Hudson, Ill., carrier gave 35% of ownership to employees through an

Nussbaum offers employee stock ownership plan

A new employee stock ownership plan will provide employees with a financial stake in Nussbaum Transportation. The Hudson-based freight carrier has transitioned 35 percent of the company ownership to employees through an Employee Stock Ownership Plan (ESOP). “We’re excited to bring our employees into ownership of Nussbaum Transportation,” said CEO Brent Nussbaum in a statement.

Morrico now employee-owned

Morrico Equipment LLC announced that its company has become employee owned. The announcement was made last night during a special employee meeting at the Hilton Guam Resort and Spa. The conversion to an employee-owned company, also called Employee Stock Ownership Plan, became effective March 31.  As the company fast approaches 30 years in business on Guam,

Employees take ownership gradually at Oliver’s Markets in Sonoma County

In most businesses, the owner works harder than anybody. The extra push beyond just the paycheck comes rewarded by equity in a company that grows in value. Oliver’s Market, with nearly $175 million in sales expected this year from stores in Cotati, Windsor and two in Santa Rosa, launched an employee-stock-ownership plan in 2017. So