Overview
Founded in 1868, Benjamin Obdyke has grown into a leading national provider of high-quality roof and wall building solutions. A family-owned business across generations, the company upholds a tradition of innovation and a drive to always “build better.” With a culture of employee empowerment and collaboration, leadership believes that valued employees offer the best customer solutions.
Situation
Benjamin Obdyke leadership sought a transition plan that would reward the commitment and achievements of its employees through company ownership, maintain the culture and values of its 155-year legacy and sustain long-term business growth as an independent company. An employee stock ownership plan (ESOP) was the ideal fit.
Solution
Benjamin Obdyke engaged SES ESOP Strategies to assist in structuring and forming a new ESOP for the purchase of 100% of the company. SES performed key financial due diligence and guided the transaction to close. Notably, the company is an S Corporation, which provides companies like Benjamin Obdyke with key exemptions from corporate federal and state income taxes due to their status as an ESOP-owned company.
“The transition to an ESOP represents an exciting new chapter in our company’s history,” said David Campbell, President and CEO. “We firmly believe that by empowering our employees through ownership, we will unlock their full potential and drive even greater opportunity for our customers. This move underscores our long-held appreciation for the value and importance of our talented workforce and the principles of shared prosperity.”
For more information on this transaction, please contact Jim Steiker, Chairman, at 215.508.5643, or Sean-Tamba Matthew at 215.508.7705.