Prairie Announces the Sale of StoneTek Imports, Inc. to an Employee Stock Ownership Plan

 
OAK BROOK, Ill. - Feb. 9, 2021 - PRLog -- Prairie Capital Advisors, Inc. ("Prairie"), a leading middle-market investment bank, acted as financial advisor to StoneTek Imports, Inc. ("StoneTek") in the sale of the company to an employee stock ownership plan.

Headquartered in New Bedford, Massachusetts, StoneTek is one of the largest importers, manufacturers and installers of natural stone and quartz countertops in New England. With market coverage that includes residential and commercial projects for the wholesale industry, StoneTek partners with overseas suppliers and local distributors to offer customers the widest selection of premium natural stone and quartz products, in addition to eco-friendly options that include pre- and post-consumer recycled materials, glass and concrete. StoneTek prides itself on providing the best selection, quality and service excellence in the natural stone industry.

Prairie worked closely with the management team and sellers, providing advisory expertise and managing the preparatory, due diligence and negotiation phases of the transaction as well as structuring the financing for the transaction. Terms of the transaction were not disclosed. "We are excited to establish an ESOP, which will allow our team to benefit from the future growth of the company," says Mario Ferreira, President of StoneTek. "We value our partnership with Prairie's team. Their expertise and guidance were essential in structuring the right ESOP plan for our needs."

"After considering various ownership transition structures for StoneTek, it became clear that the ESOP met nearly all of Mario's near and long-term objectives," commented Michael McGinley, Managing Director at Prairie. "Inviting employees to share in the value created at StoneTek will further the company's commitment to superior product quality and customer service. It was a pleasure working with the StoneTek team throughout the entire transaction process," added Henry Ventura, Director at Prairie.

About Prairie Capital Advisors

Prairie offers investment banking, ESOP advisory, valuation advisory and financial reporting valuations to support the growth and ownership transition strategies of middle-market companies. Headquartered in Oakbrook Terrace, Illinois, the company is a leading advisor to closely-held companies nationwide. Prairie was named the 2020 Valuations & Fairness Opinions Advisor of the Year by M&A Atlas. For more information, visit www.prairiecap.com.

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Tags:Business
Industry:Banking
Location:Oak Brook - Illinois - United States
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