fbpx
Published in Small Business

Integrity Tree Services transitions to ESOP ownership

BY Wednesday, September 28, 2022 03:45pm

GRANDVILLE — The owners of vegetation management company Integrity Tree Services LLC have sold the business to its workers via a new employee stock ownership plan.

With the launch of the ESOP in August 2022, Integrity Tree Services’ more than 200 team members now own 100 percent of the 24-year-old company. 

The company’s former owners saw creating an ESOP as opening “a new chapter of employee retention” and profitability, according to a statement. According to Integrity Tree Services’ website, the company has grown its head count by 25 percent year-over-year. 

“We are excited about this change because it encourages our team members to take ownership of the company’s culture and success,” Integrity Tree Services CEO Phil Sims said in a statement. “Every decision they make will affect the profitability of the company and can increase their stock value. We will also be able to deliver an even higher quality of work to our clients across the nation.”

The company’s former owners will continue to serve on the board of directors, while management will remain in their leadership roles to run the firm and execute its strategic plan. 

Advisers on the ESOP sale included Grand Rapids-based law firm Warner Norcross + Judd LLP and accounting firm BDO USA LLP

Smithfield, Ky.-based SCJ Fiduciary Services serves as the trustee for the new ESOP. Wyoming, Mich.-based Vision ESOP Valuation served as financial adviser to the trustee.

Employees who are 18 and older are eligible to participate in the ESOP after completing one year of employment. 

Integrity Tree Services is active in Michigan, Indiana, Ohio, Pennsylvania, Kentucky, West Virginia and Colorado, and has served clients in 18 states. The firm also maintains a second office in Dunbar, W.V.

The company serves utility transmission and distribution clients and offers land clearing services for commercial, industrial and municipal customers.

Never miss MiBiz’s biggest stories and breaking news. Sign up to get our reporting sent straight to your inbox every weekday morning.
 
Read 2540 times Last modified on Thursday, 29 September 2022 08:57
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >