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Prairie Represents Staff Electric Co., Inc. in its Sale to an Employee Stock Ownership Plan
By: Prairie Capital Advisors, Inc.
For over a hundred years, Staff Electric has operated as an electrical contractor with three overarching values: quality, integrity and experience. These core beliefs drive everything the Company does—for its customers, this means that Staff Electric leverages technology and experience to maximize efficiency and deliver the best solutions. As experts in design/build, BIM, power, lighting solutions and more, Staff Electric continually strives to explore uncharted methods to invent and implement processes no one ever has before, all while upholding a standard of excellence in customer service, quality, innovation and safety.
Prairie worked closely with the management team and sellers, providing advisory expertise and managing the preparatory, structuring, due diligence and negotiation phases of the transaction. Terms of the transaction were not disclosed. "The creation of the ESOP gives our team continued certainty of independence and allows our employee-owners to participate in the future success and growth of Staff Electric," says Jamie Sullivan, President of Staff Electric. "We value our partnership with Prairie's team. Their expertise and guidance were essential in structuring the right ESOP plan for our needs."
"Jamie had a very clear vision of the future and how the ESOP could help contribute to the growth, success and independence of the Company," commented Tom DeSimone, Director at Prairie. "Inviting employees to share in the value created at Staff Electric will further the company's core values of dedication and integrity." Shaun McGehee, Director at Prairie, added, "It was a pleasure working with the Staff Electric team throughout the entire transaction process."
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 2021 U.S.A. Valuations Firm of the Year by M&A Atlas. For more information, visit www.prairiecap.com.
Wendy Gugora, Director of Marketing