Freeport builder converts to ESOP structure
Warren Construction Group in Freeport is the latest company to hand over ownership to employees.
Peter Warren, founder of the general contracting firm, said it implemented an Employee Stock Ownership Plan effective July 1.
He said the transaction was done ensure an “orderly and tax-efficient transition of ownership” from Warren to employees.
Warren will remain CEO and board chairman.
The deal was facilitated by Susan Scherbel of Belleview Associates in Ellsworth.
“While Peter’s transaction is small, relative to the various construction deals done to date, the close-knit and familial cohesion of this group made it a really nice fit,” Scherbel said.“Once Peter became convinced that this was the optimal structure for his operation, he wouldn’t take ‘no’ for an answer.”
Warren Construction, which was founded in 1999, has 40 employees. Notable projects include the Friends School of Portland, Portland Food Co-op, a dining facility at the Kents Hill School, Edwards Center for Arts and Dance at Bowdoin College and the Hebron Academy Athletic Center. It also builds high-end private residences.
Other Maine companies that have adopted an ESOP structure include Landry/French Construction, Kennebec Technologies, Sebago Technics, GAC Chemical Corp., Cianbro, SteelPro Inc., Sargent Corp., Allen Insurance, Prock Marine, the VIA Agency and Moody’s Collision Centers.
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