Pinnacle Builders, Inc. Successfully Implements Employee Stock Ownership Plan
Pinnacle Builders, Inc. announced today that it has completed a management-led employee buyout for an undisclosed sum.
Suisun City, CA (PRWEB) February 15, 2006 -- Pinnacle Builders, Inc., one of the largest framing companies in North America, announced today that it has completed a management-led employee buyout for an undisclosed sum. Guidance for the acquisition was provided by American Business Resource Corporation, a national ESOP consulting firm. Under the terms of the transaction, the Company’s current management team will remain unchanged.
Headquartered in Suisun City, California, Pinnacle Builders is one of the largest framing companies in North America with an employee base of as many as 1,500 skilled men and women operating in more than 40 locations concurrently. Howard F. Horrocks, CEO and Executive Vice President, who led negotiations on behalf of Pinnacle Builders, Inc. said, “We are delighted to successfully conclude this transaction. Pinnacle Builders now joins the 1,500 other S-Corporations nationwide that operate with an ESOP (employee stock ownership plan). We believe our customers will experience an even greater level of satisfaction from the employee-owner structure. Our employees will continue to provide outstanding service to our customers while helping make Pinnacle Builders, Inc. a stronger organization."
Evan Rhodes, president of American Business Resource Corporation, said, “We are pleased to help Pinnacle Builders with their ESOP implementation which we completed in under two months. The ESOP positions Pinnacle Builders for future growth, provides for employee retirement and puts in place a planned exit strategy for the previous shareholders.”
Studies show that companies that adopt employee stock ownership plans outpace industry peers in financial performance. The improved performance can be attributed to the "ownership dynamic" in which employees feel a financial and psychological benefit to participating in ESOPs. In recent surveys, 82% of company executives said their ESOPs had a positive effect on business results. (Source: Hewitt Associates and the Northwestern University's Kellogg Graduate School of Management.)
To learn more about Pinnacle Builders, visit www.pinnaclebuildersinc.com or call toll free 1-866-421-8376. To learn more about American Business Resource Corporation, visit www.abrc-esop.com or call toll free 1-866-379-2121.
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