Landry’s Bicycles becomes 100% employee-owned.
“As Landry’s Bicycles begins to celebrate our 100th year in business, we are extremely excited to become a 100% employee-owned company.”— Mark Gray, CEO
PORTSMOUTH, NEW HAMPSHIRE, UNITED STATES, January 16, 2022 /EINPresswire.com/ — Landry’s Bicycles (Landry’s or the Company) is pleased to announce the growth of its employee ownership through the sale of additional stock to the Employee Stock Ownership Plan (ESOP). Atlantic Management Company, Inc. (Atlantic) served as independent financial advisor to the trustee of the ESOP.
As one of the longest running bike shops in America, Landry’s was founded in 1922. Currently, the Company has seven stores throughout cities in Massachusetts: Boston, Braintree, Natick, Newton, Norwood, Westborough, and Worcester. The Company plans to open an eighth store in Charlestown early this year. While Landry’s retails new bicycles from leading manufacturers, custom bikes with specialty frames and several other bikes in niche categories, as well as bicycle accessories and more, the Company is not just your average bike shop. Landry’s also offers mechanical services such as repairs, fitting services, bike rentals and educational services, all contributing to the Company’s national recognition as National Bicycle Dealer of the Year for supporting bicycle advocacy.
Mark Gray, CEO of Landry’s, commented on the transaction: “As Landry’s Bicycles begins to celebrate our 100th year in business, we are extremely excited to become a 100% employee-owned company. Everyone who works at Landry’s is passionate about cycling and serving our valued customers. Becoming 100% employee-owned will help strengthen our commitments to collaborative teamwork, exceptional customer service, and long-term business viability, as we strive to be the best bike shop for the world. As we step courageously toward our highest aspirations, we are truly fortunate to work together as employee-owners in our company.”
Brady Finney of Atlantic noted, “We are proud to have contributed to Landry’s transition to 100% employee-ownership, and we look forward to seeing the progress the employee-owners make toward achieving their goal of becoming the best bike shop for the world.”
Founded in 1968, Atlantic is a leading financial and transaction advisory firm that provides business valuation, ESOP and merger and acquisition services for privately owned middle market companies.