Pride & Service Elevator Becomes 100% Employee Owned Through an Employee Stock Ownership Plan (ESOP)
After 36 years of significant expansion and growth, Pride & Service Elevator opens its next chapter
NEW YORK, December 26, 2019 (Newswire.com) - Pride & Service Elevator, Inc. has completed a transaction to become 100% employee-owned through its newly created Employee Stock Ownership Plan (ESOP). The Company was founded in 1983 in New York, NY, and has been designing, maintaining, modernizing and repairing elevators for 36 years throughout New York and New Jersey. The Company has been owned and managed by The Todd Family since 2010, with Christopher Todd currently serving as President.
After 36 years of significant expansion and growth, the owner of Pride & Service Elevator, Inc. has transitioned 100% of the Company’s total ownership to all of the employees of the Company through a qualified retirement plan known as an Employee Stock Ownership Plan (or ESOP). All eligible employees will be granted shares of Company stock each year, at no cost, allowing them to earn ownership over time through their service to the Company and accumulate tax-deferred retirement wealth. Pride & Service Elevator, Inc. joins a group of elite 100% employee-owned companies across the United States of America.
According to Christopher Todd, President, “Each employee of Pride & Service Elevator is a trusted team member. We want our employees to feel that they ‘own and operate’ their own business, which fosters tremendous pride resulting from owning a stake in the Company. We also want our hard-working and loyal employees to benefit beyond their wages alone if they continue to help grow Pride & Service Elevator. Together, we strive to be more efficient, safe and responsive to our customers’ needs.” Christopher decided to implement this plan in memory of his father Michael. Michael’s 40-year elevator career was cut short by a debilitating disease called Frontotemporal Dementia. Christopher stated, “My father was always about helping his employees succeed, and this is a way for me to continue his legacy at the next level.”
Pride & Service Elevator, Inc. was advised by Ambrose Advisors, a national investment banking firm specialized in employee-ownership transitions. Michael Harden, Senior Managing Director with Ambrose Advisors, stated, “Christopher Todd’s goal was to secure a sustainable future for Pride & Service Elevator, Inc. in a manner that would be highly beneficial to its employees, customers, vendors, and the community. Employee ownership, done right, benefits all stakeholders and should be celebrated. It is a true win/win transaction for all parties involved, and we were pleased to be a part. We heartily congratulate Pride & Service Elevator, Inc. and thank them for trusting Ambrose Advisors to manage this transition process.”
About: Pride & Service Elevator, Inc. has been maintaining, modernizing and repairing elevators for 36 years throughout New York and New Jersey. http://www.prideandservice.com.
About: Ambrose Advisors is a national middle-market investment bank firm focused on guiding and assisting business owners with ownership succession planning, primarily through employee ownership. http://www.AmbroseAdvisors.com
Source: Pride & Service Elevator