USA: Manson Construction Becomes 100 Pct Employee Owned
Manson Construction Co. of Seattle announced the sale of the Company to an Employee Stock Ownership Plan (ESOP) owned S-Corp. Verit Advisors, a Chicago-based investment banking firm, was engaged by Manson and its shareholders to provide expertise in structuring a solution that optimized the company’s and shareholders’ objectives.
In 1905, Peter Manson began Manson Construction Co. as a pile driver and waterfront construction company around the Puget Sound. Since then, the company has grown in both services and geography. Today, Manson, led by the fourth generation, is at the forefront of the marine construction and dredging industry with a presence on all three coasts.
“The company has been privately owned since it was founded over 100 years ago. It has always been our desire for Manson to continue the tradition of being privately owned, and the ESOP will help us with that goal,” said Eric Haug, President of Manson Construction Co. “The ESOP will enable continuity of leadership and will not change the way the company operates. The management team is confident the ESOP will make us an even stronger company.”
Verit Advisors’ team, led by Peter Abrahamson and John Solimine, collaborated with the Manson ownership and management team to custom design an optimal transaction based on Verit’s extensive experience with private business ownership transition. “It has been an honor for the Verit team to be part of ensuring the outstanding legacy held by the Paup, Haug, and Edwards families for four generations. We are proud to help shape the future with a focus on Manson’s legacy,” stated Mary Josephs, Founder and CEO of Verit Advisors. “In addition to providing a graceful ownership transition, the ESOP ownership structure creates valuable tax benefits, employee benefits, and financial flexibility,” added Ms. Josephs.
Dredging Today Staff, July 5, 2012; Image: mansonconstruction