Arena, a full-service political advertising agency based in Salt Lake City, Utah, has transitioned to 100% employee ownership through an Employee Stock Ownership Plan (ESOP), marking a major milestone as the firm celebrates 30 years in business.
Lazear Capital Partners (Lazear) served as the exclusive financial advisor on the ESOP transaction, which was structured to preserve Arena’s independence while reinforcing its long-term commitment to its people, culture, and clients. The engagement was led by Troy Starr, Managing Director, with support from Managing Directors Brad Bennett and Andrew Fullenkamp.
“An ESOP was a winning strategy for Arena, whose focus was to retain the experience, perspective, and creative leadership that have defined its success,” said Starr. “It also means the team showing up every day in Salt Lake City now gets to call themselves owners, and that’s something worth celebrating.”
Founded in 1996, Arena is a full-service political advertising agency providing direct mail, digital marketing, and strategic consulting services to conservative campaigns and organizations nationwide.
“Arena is uniquely built on instinct, creativity, and execution,” said founding partner Peter Valcarce. “Becoming employee-owned reinforces that foundation and puts real momentum behind what comes next—for our team and our clients.”
The National Center for Employee Ownership reports continued growth in ESOP adoption among professional services firms seeking continuity, talent retention, and cultural alignment. With this transition, Arena joins a growing group of companies using employee ownership to strengthen independence, invest in their people, and protect the legacy they’ve built.
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, 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
