Higley Construction (Higley) is now 100% employee-owned through an Employee Stock Ownership Plan (ESOP), marking a historic milestone in the company’s 100-year history. The transition secures Higley’s independence and honors the employees who have built the foundation of its century-long success.
“Employee ownership is a natural extension of who we are,” said Gareth Vaughan, chairman & CEO of Higley Construction. “For 100 years, Higley has been built by dedicated people who take pride in their work. With this transition, every employee now has a direct stake in our future, reinforcing our culture of accountability, collaboration, and excellence.”
Founded in Cleveland in 1925, Higley is recognized for its quality craftsmanship, strong client relationships, and people-focused culture. The company has delivered landmark projects across Ohio, Michigan, Pennsylvania, and New Jersey, including the Cleveland Cavaliers and Cleveland Browns training facilities, the Cleveland Zoo’s Asian Highlands exhibit, renovations at the Federal Reserve Bank of Cleveland, and updates to the Rock & Roll Hall of Fame.
Its portfolio spans healthcare, education, multi-family, cultural and non-profit, industrial, corporate, hospitality, senior living, sports and recreation, and government projects.
Through the ESOP structure, Higley’s leadership, services, and mission remain unchanged, but with an added strength: a team of employee-owners whose success is directly tied to delivering outstanding results.
Shawn Ely, managing director and Cleveland market leader at Lazear Capital Partners (Lazear), led the firm’s role as exclusive financial advisor on the ESOP transaction.
“Guiding Higley through their transition to employee ownership was an incredible opportunity to work with a company built on a century of excellence and a people-first culture,” said Ely. “This ESOP empowers their team to continue creating spaces that inspire, strengthen communities, and showcase the dedication and talent of every employee-owner.”
The National Center for Employee Ownership reports that construction is among the top industries adopting ESOPs, as companies look to maintain independence and remain competitive. By transitioning to employee ownership, Higley joins a growing number of construction firms leveraging ESOPs to enhance performance, retain talent, and secure their long-term legacy.
About Higley Construction
Higley Construction is a full-service construction management and general contracting firm with 100 years of experience delivering high-quality projects. The company serves healthcare, education, commercial, and cultural markets, consistently prioritizing client satisfaction and excellence in every project.
About Lazear
Lazear is a premier middle-market advisory firm specializing in business ownership transitions nationwide. Headquartered in Columbus, OH, with a growing presence, the firm is dedicated to helping business owners maximize wealth and preserve legacies through customized exit strategies, including ESOPs and 1042 tax solutions, M&A, and capital formation.
To learn more, visit www.lazearcapital.com and follow Lazear on LinkedIn.
Media Contact
Katherine Koon
Marketing Director
kk@lazearcapital.com
614-502-1411
