North Carolina Civil & Environmental Firm ESOP Purchases Stock From Founders
Summit, NJ: Pilot Hill Advisors LLC announced today that the majority shareholders of Withers & Ravenel Inc. have sold their stock interests to the company's newly-formed Employee Stock Ownership Plan (ESOP). Terms of the transaction were not disclosed.
Pilot Hill Advisors LLC acted as the company's ESOP advisor and assisted in structuring and negotiating the transaction and as well as raising financing for the sale.
Founded in 1983 by Tony Withers and Sam Ravenel, Withers & Ravenel (www.withersravenel.com) is a full-service consulting engineering firm offering environmental, transportation, land development, planning, surveying and GIS/IT services.
Commenting on the transaction, the company's founders expressed their sincere respect and thanks for the work required to complete the sale so professionally. Jim Canfield, the firm's President commented, "Sam and Tony made it their priority to prepare the firm and its leadership team for this transition and it showed. The ESOP is an excellent complement to our culture and everyone is excited about participating in the company's future. W&R is now ready to continue our serving our clients in NC and throughout our market areas for years to come."
Bob Massengill, Managing Director at Pilot Hill Advisors LLC commented, "W&R executed an orderly and well planned transition from the founding generation of sharehiolders to the second. Using the ESOP, the sellers we able to create liqudity in a confidential, tax efficient and controlled manner." Jim Canfield, the new President worked closely with the founders to ensure their goals and those of the company were in synch. This transition is a case study in the right way to plan and implement a passing of the torch."
Contact Bob Massengill for more information.