Seaman’s Becomes 100% Employee-Owned Through an Employee Stock Ownership Plan (ESOP)
We wanted to retain the culture that had been built over decades, and felt the ESOP was the best vehicle to make this happen.”
— Randy Seaman, President PORTSMOUTH, NEW HAMPSHIRE, UNITED STATES, November 30, 2023 /EINPresswire.com/ — Seaman’s Air Conditioning & Refrigeration, Inc. (Seaman’s or the Company) is pleased to announce the transition to employee ownership by becoming 100% employee-owned through the creation of a newly formed ESOP. Atlantic Management Company, Inc. (Atlantic) served as independent financial advisor to the ESOP trustee.
Seaman’s, established in 1961 by Donald Seaman, is a second-generation mechanical, electrical, and refrigeration contractor with an impressive track record spanning over 60 years. Headquartered in Grand Rapids, Michigan and serving the greater western Michigan area, Seaman’s specializes in a range of services including equipment service; repair, maintenance, replacement and design/build of HVAC and refrigeration systems; plumbing; electrical; and energy efficiency solutions. Catering to a diverse clientele, Seaman’s services are integral to various industries, including commercial and industrial sectors, institutional organizations, agriculture, and food service.
“We wanted to reward our employees for all their hard work, dedication, and past performance. At the same time, we wanted to retain the culture that had been built over decades, and felt the ESOP was the best vehicle to make this happen.” said Randy Seaman, President.
Brady Finney of Atlantic noted, “We are excited to be a part of creating employee ownership for Seaman’s and thrilled for the new employee owners. We can’t wait to see the great things they will do for the Company as they lead it through its next chapter.”
Founded in 1968, Atlantic is a leading financial and transaction advisory firm that provides ESOP, merger and acquisition, and business valuation services for privately owned middle-market companies.