ESOP Partners, an Employee Stock Ownership Plan (ESOP) consulting and administration firm, has announced the successful completion of the sale of AirPro Fan & Blower to its employees via an ESOP.An ESOP is a qualified retirement plan that buys, holds, and sells company stock for the benefit of the employees, providing them with an ownership stake in the company. AirPro Fan & Blower Founder Keith White finalized the sale in July 2016.
“The sale to an ESOP was a way for us to recognize and reward the employees who have been instrumental in growing AirPro from a small operation to the world-class company it is today,” said White. “ESOP Partners helped us understand that an ESOP was definitely the best option for AirPro and helped us efficiently navigate the sale process every step of the way.”
“We quickly saw that this was the optimal solution for all of the stakeholders—one that benefits and rewards AirPro's employees, helps ensure the company continues to be a growing member of the Rhinelander community, and allows ownership to remain active in all aspects of the company's operations,” said Aaron Juckett, President of ESOP Partners.
ESOP Partners will continue to work with AirPro Fan & Blower as the company’s ESOP consultant and third-party administrator.
About AirPro Fan & Blower Company
Founded in 2002, AirPro Fan & Blower Company is an industry-leading fan and blower manufacturer offering a complete line of industrial-duty centrifugal fans and blowers. The company’s products are developed and designed utilizing the latest computer modeling software, built by AWS qualified fabricators, tested and rated according to AMCA 210, balanced to ISO standards, and thoroughly inspected throughout production. AirPro offers both pre-engineered and custom-designed products, including backward inclined fans, backward curved fans, radial tipped fans, material handling fans, high-pressure blowers, and other centrifugal fans and blowers.
About ESOP Partners
ESOP Partners is an ESOP consulting and administration firm that provides a single ESOP expert as a point of contact throughout the lifecycle of the ESOP. The company works with business owners and companies considering an ESOP to provide ESOP feasibility, plan design, and full ESOP implementation services. ESOP Partners also provides support for ongoing ESOP companies, including ESOP TPA services, distribution and repurchase obligation planning, and consulting services covering corporate governance, ESOP culture, employee communications, and second stage transactions.
About ESOPs
Employee Stock Ownership Plans (ESOPs) are qualified retirement plans that buy, hold, and sell company stock for the benefit of the employees, providing an ownership stake in the company. ESOPs are the only retirement plan allowed to borrow money to purchase stock and are generally funded only by the company. Selling part or all of a business to an ESOP enables a business owner to sell to a built-in buyer in as little as 60-90 days at full fair market value. There are many significant tax and cash flow benefits of selling to an ESOP. An ESOP also allows for a better-managed ownership transition, preservation of local jobs, and the maintenance of a company’s legacy in the community. According to the National Center for Employee Ownership (NCEO) there are approximately 7,000 ESOPs in place in the U.S., covering 13.5 million employees.