M-7 Technologies

Manufacturing and R&D Company Values Employee Empowerment, Becomes 100% Employee-Owned


Established more than 100 years ago in Youngstown, Ohio, as a steel industry manufacturer, M-7 Technologies (M-7) has transformed to provide manufacturing, remanufacturing and advanced measurement services to a range of industries, including energy, aerospace, environmental, petroleum, construction, fabrication, defense, automotive, material handling and heavy industrial markets. The company also holds a reputation for providing cutting edge metrology inspection, laser scanning and reverse engineering services, and has even been awarded a sub-contract from the Army Research Lab. Leadership attributes business success to the expertise and commitment to top-quality engineering and manufacturing results their employees and staff deliver to clients.


Mike Garvey, President of the company, sought a business transition plan that would provide business ownership and future growth rewards to its employees, sustain long-term growth and allow the company to remain independent, all while enabling an exit strategy in which he could reduce his role in the business over time. Considering these goals, a 100% employee stock ownership plan (ESOP) emerged as a natural fit.


M-7 engaged SES ESOP Strategies and its affiliated law firm Stevens & Lee to plan and deliver the new ESOP. SES assisted in structuring and forming the ESOP, gathering and organizing financial due diligence information and managing all elements of financing. Attorneys from Stevens & Lee helped with preparing the ESOP plan, all transaction documents and worked closely with the corporate counsel to ensure that key employees and future leadership benefited from a Stock Appreciation Rights Plan.

“My long-term objectives were to reward the commitment of our employees and ensure future business success by incentivizing the workforce and company leadership through ESOP ownership,” said Garvey. “SES and Stevens & Lee helped us understand and execute the technical details of these goals and paved the way to a successful ESOP transaction.”

For more information on this transaction, please contact Steven B. Greenapple at 215.508.5634 or Mark B. Russell, Head of Finance, at 817.566.1013.