Photo / Courtesy, Penobscot General Contractors
Clay Maker, left, and Jon DiCentes, co-presidents of Penobscot General Contractors.
September 13, 2024
A Maine contractor makes the shift to employee ownership
Photo / Courtesy, Port Property
Penobscot General Contractors managed construction of the Armature at Hanover Works, with 171 units at 52 Hanover St. in Portland.
Penobscot General Contractors, a Falmouth-based general contractor, announced Thursday that it has converted to an Employee Stock Ownership Plan business model.
The firm called it a "significant milestone in the company’s history, reinforcing PGC’s commitment to its employees and its long-standing values of teamwork, innovation and shared success."
The change went into effect July 1.
Rapid growth
Penobscot General Contractors has its roots in the Rockport-based Penobscot Co., which was founded in 1970 by Dave Mazaroff.
The firm was acquired by Clay Maker and Jon DiCentes in the summer of 2021. Today, they serve as co-presidents.
In the past four years, the company has grown rapidly.
At the time the firm was acquired, sales revenue was in the range of $5 million to $8 million, Maker told Mainebiz. In 2023, revenue hit $70 million and the firm is on track to record $90 million in sales this year.
Over that time, the workforce has grown from five employees to 31, he said.
Notable projects include the Armature at Hanover Works, a Reveler development in Portland's West Bayside neighborhood with 171 apartments. The firm developed the "twin towers" in Falmouth, commercial buildings that bookend the Falmouth Shopping Center. Further north on U.S. Route 1, the company is finishing the Shops at Falmouth and, behind it, the Wyeth, which will have 43 condos.
Maker said the firm has eight active projects and 500 housing units under construction.
The ESOP structure
For the conversion to an ESOP, Penobscot General Contractors worked with a Maine firm, Bellview Associates, which is led by CEO Susan Scherbel. (Bellview itself is employee- owned.)
The ESOP structure allows employees to become owners, offering a direct stake in Penobscot General Contractors' future growth and success. The firm said the shift reinforces "PGC’s mission to create a supportive and collaborative environment, where every team member is empowered to contribute to the company’s continued achievements."
"The decision to become an ESOP company reflects our belief that the strength of Penobscot General Contractors lies in the dedication and expertise of our employees," Maker said in a press release.
"By giving our team the opportunity to share in the company’s success, we are fostering a culture of ownership, accountability, and shared responsibility that will drive us forward into the future," he added.
With the ESOP structure, PGC continues to prioritize delivering top-quality construction services to its clients, while ensuring long-term stability and growth for the company. PGC is confident that employee ownership will strengthen its relationships with clients, partners, and the communities it serves.
"This is not just a shift in structure, but a recognition of the hard work and dedication that every PGC employee brings to the table," added DiCentes. "We are excited to see how this transition will further enhance our culture, inspire our team, and lead to new opportunities for growth and innovation."
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