AmeriTrade Worldwide, Inc. Announces Completion of Employee Buyout
AmeriTrade Worldwide, Inc. announced today that it has completed its previously announced management-led employee buyout for an undisclosed sum.
Boston, MA (PRWEB) June 22, 2005 -- AmeriTrade Worldwide, Inc. announced today that it has completed its previously announced management-led employee buyout for an undisclosed sum. Guidance for the acquisition was provided by Citizens Banks Citizens Capital, Inc. and Financial Consulting Services, Inc. Under the terms of the transaction, the Companys current management team will remain unchanged.
Robert T. Henthorn, Sr. Vice President, who led negotiations on behalf of AmeriTrade Worldwide, Inc. said, We are delighted to successfully conclude this acquisition. AmeriTrade Worldwide now joins the over 11,000 other companies nationwide that operate with an ESOP (employee stock ownership plan). We are convinced that our Companys new participative management style will encourage employees to share ideas and information more freely. Ultimately, this new employee-owner environment will allow us to be more responsive to our customers wishes and needs."
Established in 1999, AmeriTrade Worldwide, Inc. was created to coordinate strategic international business development for the Fonda Brands unit of SF Holdings Group, Inc., an umbrella corporation consisting of Hoffmaster Tissue, Creative Expressions Group, Sweetheart Cup Company and Fonda Brands. In conjunction with investments by Capital Partners, Inc. and Banc of Americas Capital Investors, Inc., Solo Cup Company acquired SF Holdings Group, Inc. in February 2004 thus creating a $2.1 billion company focused exclusively on the manufacture of disposable tabletop products. Throughout this time period AmeriTrade Worldwides role within the organization has grown to include offshore business development across all of the Companys divisions in a variety of markets around the world.
The employee acquisition clears the way for AmeriTrade Worldwide, Inc. to begin contract manufacturing and product sourcing for its international retail and foodservice distribution network from a wide range of factories globally. Its new office in Guangzhou, China will be opened by July 2005 to further facilitate this growth.
To learn more about Solo Cup Company, visit www.solocup.com.
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