GRANDVILLE – The owners of the vegetation management company Integrity Tree Services LLC have sold the company to its employees through a new employee stock option plan.
With the launch of the ESOP in August 2022, Integrity Tree Services’ 200+ team members now own 100 percent of the 24-year-old company.
According to a statement, the company’s former owners saw the creation of an ESOP as “a new chapter in employee retention” and profitability. According to the Integrity Tree Services website, the company’s headcount grew 25 percent year over year.
“We are excited about this change because it encourages our team members to take responsibility for the culture and success of the company,” said Phil Sims, CEO of Integrity Tree Services, in a statement. “Every decision they make impacts the company’s profitability and can increase the value of their shares. Also, we will be able to deliver an even higher quality of work to our customers across the country.”
The company’s previous owners will continue to serve on the board of directors, while management will remain in their senior positions leading the company and implementing its strategic plan.
The Grand Rapids-based law firm was among the advisors on the ESOP sale Warner Norcross + Judd LLP and accounting firm BDO USA LLP.
SCJ Fiduciary Services, based in Smithfield, Kentucky, is acting as trustee for the new ESOP. Vision ESOP Valuation, based in Wyoming, Michigan, acted as financial advisor to the trustee.
Employees aged 18 and over are eligible to participate in the ESOP after completing one year of service.
Integrity Tree Services operates in Michigan, Indiana, Ohio, Pennsylvania, Kentucky, West Virginia and Colorado and has served clients in 18 states. The company also maintains a second office in Dunbar, WV
The Company serves customers in the power transmission and distribution space and provides land clearing services to commercial, industrial and municipal customers.
mibiz.com
https://mibiz.com/sections/small-business/integrity-tree-services-transitions-to-esop-ownership
