Westmoreland Electric Services, LLC, a Pennsylvania-based electrical contracting firm, has transitioned to an Employee Stock Ownership Plan (ESOP), establishing a long-term ownership structure designed to support the company’s continued growth.
Lazear Capital Partners (Lazear) served as the exclusive financial advisor on the ESOP transaction, which provides a path for Westmoreland Electric to preserve its independence, maintain long-term continuity, and provide employees with the opportunity to benefit from the company’s future success. The engagement was led by Pittsburgh Market Leader Brian Dobis, with support from Managing Directors John Bouhall and Andrew Fullenkamp.
“Westmoreland Electric’s growth from a two-person operation into a company with more than 125 employees reflects the strength of the people behind the business,” said Dobis. “For a company that has already embraced employee leadership as part of its succession strategy, an ESOP creates a natural next step—preserving the company’s independence while giving its people an opportunity to play an even greater role in its future.”
Founded in 1988, Westmoreland Electric has grown into a regional electrical contractor serving customers throughout Pennsylvania, Maryland, Ohio, and West Virginia. The company provides commercial and industrial electrical design and construction services, combining an experienced workforce with innovative designs and a commitment to quality construction.
“Westmoreland Electric has always believed that the people who know the company best should have a voice in where it goes next,” said Christopher K. Shreckengost, Vice President of Operations. “Lazear helped us see how an ESOP could build on the foundation we’ve created while giving our employees an even greater connection to the company’s future.”
Secretary Phillip Hunt added, “Lazear brought a level of experience and perspective that made a complex process much easier to navigate. They understood where we wanted to take Westmoreland Electric and helped us build an ownership structure that aligns with that vision.”
Created by Congress in 1974, ESOPs offer business owners a tax-advantaged way to transition ownership to employees. For business owners seeking to preserve independence and create a long-term succession strategy, ESOPs can provide a path to transition ownership while maintaining continuity and giving employees an opportunity to participate in the company’s future.
About Lazear
Lazear Capital Partners is a nationally recognized investment banking and ownership transition advisory firm serving middle-market businesses. The firm specializes in Employee Stock Ownership Plans (ESOPs), proprietary Section 1042 tax strategies, and mergers and acquisitions.
Since 1999, Lazear has advised on more than 350 ownership transition transactions and expanded to 19 locations nationwide. Through its multidisciplinary team of CPAs and CFA Charterholders, attorneys, valuation professionals, and transaction advisors, Lazear helps business owners maximize value while preserving their legacy.
To learn more, visit www.lazearcapital.com and follow Lazear on LinkedIn.
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kk@lazearcapital.com
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