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Kovatch Castings sells to an ESOP

Kovatch Castings sells to an ESOP

Kovatch Castings, Inc. (“Kovatch”), a leading manufacturer of precision cast components, is pleased to announce the sale of 100% of the Company to an Employee Stock Ownership Plan.

For over 20 years, Kovatch has enjoyed year-after-year success, due in part to the Company’s commitment to its employees, its clients, and its community. After considering a variety of succession planning options, the Company decided that the transition to employee ownership allows Kovatch employees to continue the company’s rich tradition of superior service and quality for many years to come.

Kovatch engaged Lazear Capital Partners (“LCP”), an investment banking firm in Columbus, Ohio, to arrange the transaction and serve as the Company’s exclusive financial advisor. In its role as financial advisor to the Company, LCP customized a structure to address key goals and objectives related to shareholder liquidity, tax advantages, employee benefits, and financial flexibility for the Company. The Company’s CFO, Frank Lysiak, explained, “The LCP team led the process from start to finish, coordinating a strong group of professionals, managing an efficient process and advocating for the shareholder and the Company throughout, allowing the Kovatch leadership team to remain focused on running the business."

For additional information regarding the Kovatch ESOP, please click on the following link:

https://www.crainscleveland.com/manufacturing/uniontown-manufacturer-kovatch-castings-embraces-esop-preserve-company-culture-family