Specialty Flooring Contractor Creates ESOP
Summit, NJ: Pilot Hill Advisors LLC, independent ESOP investment banking and advisory firm, is pleased to announce its newest client has recently adopted and completed a partial sale of stock to its newly-formed employee stock ownership plan. The company the largest specialty flooring contractor on the East coast. The company’s president and management worked together for several months to help bring the vision of employee ownership to a reality for the company.
"Giving back to and providing an additional benefit for our long time and loyal employees is consistent with our company’s culture and the owners hope to continue adding stock over time to the new plan. This is an exciting time for us and are grateful for skill and advice of Pilot Hill Advisors, who assisted us in selecting advisors and structuring and negotiating the transaction, ” said the company’s President.
Bob Massengill, who led the Pilot Hill Advisors team on the transaction, commented, "The partial ESOP was a winning proposition for everyone– the selling owners, company, and employees. The ESOP provided an attractive liquidity strategy for the selling owners, tax incentives for the company, and exceptional benefits for the employees."