Monteith Construction Corp. Adopts an Employee Stock Ownership Plan (ESOP), Positions Company for Long-Term Growth, Team Success

WILMINGTON, N.C., March 5, 2024 /PRNewswire/ -- Monteith Construction Corp.—including the companies Monteith Construction and its wholly-owned subsidiaries Grey Interiors, and Citadel Masonry—today announces the adoption of an Employee Stock Ownership Plan (ESOP), creating a strategic growth plan that directly reflects the company's commitment to holistic team success.

"From day one, people have been central to our company purpose and growth, and for several years now, we have taken steps to make our company an employee-owned one," says John Monteith, company founder and chairman. "We have always led with culture, so making Monteith a place where everyone shares in ownership is the natural next step in our evolution."

"This is about putting ownership into the hands of the people who drive our success," adds CEO and President Bryan Thomas. "Our team brings passion and grit to work each day, and the ESOP now provides a long-term, wealth-building benefit without changing any of our company values. We couldn't be more excited for what the future holds."

Established in 1998, Monteith has grown over the past 25 years to a 165-employee commercial construction business, building across North and South Carolina. The company has four established office locations in Charleston, Myrtle Beach, Raleigh, and Wilmington, and is opening a fifth location in Winston-Salem this Spring 2024.

With the ESOP adoption, 100% of Monteith's current and future employees are eligible to participate and benefit from the plan.

Modern ESOPs are a result of the Employee Retirement Income Security Act of 1974 (ERISA). According to the National Center for Employee Ownership (NCEO), there are approximately 6,533 ESOPs in the United States, including a mix of private and public companies, and many of which fall within the Architecture, Engineering, and Construction (AEC) industry.

Monteith's project portfolio ranges across industries and asset classes—from higher education and healthcare to hospitality and multifamily/mixed use. Recent clients include Atlas Stark, Baker Motor Company, Brookfield Properties, Burroughs & Chapin, Cape Fear Development, Loden Properties, MegaCorp Logistics, North Carolina A&T State University, PulteGroup's Del Webb active adult communities, UNC Health, UNC Wilmington, Wake Tech Community College, and Wilmington International Airport (ILM), among other private and public owner groups.

Beyond its core business, Monteith is actively involved in community outreach initiatives across all markets, including Camp Schreiber Foundation, a 501(c)3 non-profit organizations founded by John Monteith which provides educational and out-of-the-classroom experiences to underserved Wilmington youth.

About Monteith Construction
Monteith Construction is a licensed general contractor building across North and South Carolina and into Virginia, known for turning passion into purposeful work since the company was founded in 1998. Our relationships are built on one thing: trust. We have an ironclad commitment to building to the highest quality standards and providing clients with a streamlined project experience a step above the rest. This, combined with our team's constant drive to improve, makes the Monteith Construction team best-in-class. Discover more about our people, our passion and our purpose at www.monteithco.com.

About Grey Interiors
Founded in 2012, Grey Interiors is focused on bringing a laser-like focus to interior projects and exterior envelopes, in partnership with general contractors and directly for owner groups. The Grey Interiors team shares a passion for the wall and ceiling industry, as well as creating quality interior environments and exterior envelopes that provide the highest levels of end-user experience, resulting in lasting partnerships. Learn more at www.greyintllc.com.

About Citadel Masonry
Citadel Masonry's team of experts has extensive knowledge in construction with over 100 years of combined expertise.  Our project portfolio includes work across the municipal, education, healthcare, and commercial retail sectors. From providing structural masonry to renovation and restoration services, we pride ourselves on improving our communities and contributing to the infrastructure of those who live and work across the Carolinas. Visit www.citadelmasonryllc.com to learn more about our services and partnership opportunities.