Sonnax Industries Inc, a maker of automatic transmission parts in Bellows Falls, was sold in early April to Marmon Holdings, Inc, a subsidiary of Warren Buffett's company, Berkshire Hathaway. Sonnax was an employee-owned company, whose ESOP was sued by the US Department of Labor, as first reported by VBM in January 2017. According to a press release and email, the new company will operate as Sonnax Transmission Company. Terms of the sale were not disclosed. The company will remain in Vermont.
Read MoreAn employee stock ownership plan (ESOP) is a benefit program in which employees acquire ownership of the company they work for by receiving shares of stock in it, typically with the help of bank loans that fund the ESOP. When employees retire or leave for other reasons, the company buys back their shares at current value. Significant tax breaks make ESOPs attractive to owners looking for an exit strategy that will compensate them and enhance their employees' financial security at the same time.
Read MoreBrent 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.
Read MoreThree pioneers of the solar industry in the Bay Area are in different stages of transferring the businesses they created, but they are all traveling on a similar road. They are all transferring the ownership of their businesses to their employees.
Read MoreWorkers at Stewart's Shops are riding a rising company stock price that has created dozens of new millionaires heading for retirement, at least on paper. Stock for the privately held company, which employs more than 4,500 people, has boomed this decade, rising 66 percent between 2011 and 2016, according to annual reports filed with the U.S. Labor Department.
Read MoreREDWOOD CITY, Calif.--(BUSINESS WIRE)--Shutterfly (NASDAQ: SFLY), the leading online retailer and manufacturer of high-quality personalized products and services, today announced it has closed its previously announced acquisition of Lifetouch, the national leader in school photography. The company financed the acquisition with the proceeds of an $825 million incremental term loan facility, which closed simultaneous with the acquisition.
Read MoreWASHINGTON — Popular convenience and gas store chain Wawa has launched its annual spring hiring campaign and says it's goal is to hire up to 5,000 new employees during the next three months.
Read MoreValuation multiples continued to surge in the fourth quarter of 2017, according to GF Data. Deal pricing pushed upward to an average mark of 8.1x EBITDA, a 19.3% increase over the year ago fourth quarter (6.8x) and a 7.0% jump from 3Q:17 (7.5x). The 8.1x mark is a 28.5% increase over the GF Data historical average multiple of 6.3x, which includes deals dating back to 2003.
Read MoreQuick: what do a grocer in Sonoma County, California; a bookstore in Cambridge, Massachusetts; a real estate company in Columbus, Ohio; and a coffee house in Rock City, Maine have in common? Answer: all four companies are converting to worker ownership.
Read MoreTwo bills on employee stock ownership plans (ESOPs) have passed without dissent in the Small Business Committees in the House and the Senate, and both have bipartisan support.
Read MorePROVIDENCE, R.I. — Should Rhode Islanders own the companies they work for?
Read MoreThe success story of custom furniture manufacturer Whitewood Industries has been the transfer of its ownership to its more than 300 employees.
Read MoreESOP-owned Hannibal Industries, Inc. named Reed Reynolds as its chief operations officer (COO). Reynolds is a steel industry veteran that has more than 14 years of experience in sales and management positions. Reynolds' first day in this role will be March 12 and he will report directly to the president. Reynolds will be responsible to oversee the daily operation of the company while maintaining and establishing policies that promote the company culture and vision, especially concentrating on growth through efficiency and expansion.
Read MoreThe U.S. Department of Labor (DOL) closed out 2017 by entering into yet another settlement agreement with the trustee of an employee stock ownership plan (ESOP).
Read MoreSummit, NJ: The principals of Pilot Hill Advisors through its broker/dealer, Corporate Finance Securities, are pleased to announce that GeoStruct Engineers, Inc. has recently become 100% owned by its Emplyee Stock Ownership Plan.
Read MoreUSA Mortgage's sole owner, president and CEO, Douglas Schukar, transferred ownership of the company to employees through an Employee Stock Ownership Plan (ESOP).
Read MoreIllini Hi-Reach has become an employee-owned company ("ESOP"), according to president and CEO Larry Workman. All of the Illini management team remains in place. The company is planning to add more experienced employees as the company continues its strategic growth and expansion.
Read MoreAPPLETON - Appvion's public announcement last week of its proposed sale left out a significant detail.
Read MoreGT Distributors is pleased to announce that effective January 26th, 2018, 55% of the company's stock has been sold to its employee's retirement plan, through an Employee Stock Ownership Plan (ESOP). The Texas-based public safety equipment and uniform distributor's 100+ employees will become beneficial owners through the ESOP.
Read MoreMaybe it's the work environment, but Kent-based Davey Tree Expert Co. keeps growing faster than a poplar tree.
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