Choate Construction Announces 100% Employee-Ownership
December 16, 2016
Choate Construction Company is excited to announce that it is transferring beneficial ownership, becoming 100% employee owned via the newly created Choate Employee Stock Ownership Plan (ESOP) Trust, thus allowing current and future employees to enjoy beneficial participation in the Company.
“Choate is a tight-knit family, and we truly care for each other. We were solicited continuously over the years by larger contractors to sell the company, but we decided to keep the business in the family, to perpetuate our culture of excellence,” says Millard Choate. “We are blessed to be able to implement this structure to express our dedication to our exemplary employees. This will provide individual financial security as well as preserve the entrepreneurial spirit that has always permeated this company. The ESOP allows us to take this spirit to the next level, while also ensuring our vision, core values, and management team stays intact.”
Millard Choate will transition from the position of President to Chairman & CEO, and Dave Priester will assume the role as President and COO. The management team will remain intact.
Millard noted, “Upward mobility and career advancement are extremely important. The ESOP allows for both seamless management succession and future opportunity.”
Choate Construction was advised by CSG Partners, a boutique investment bank specializing in ESOPs.
Choate’s financial condition will remain strong. Both of Choate’s bonding companies have endorsed and given full support of this transaction.
The ESOP transition was announced to all 450+ employee-owners at a celebration on December 15th.