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Lazear Capital Completes ESOP Formation for Romanoff Group

Lazear Capital Completes ESOP Formation for Romanoff Group

The Romanoff Group ("Romanoff"), a specialty contractor providing end-to-end electrical and HVAC services in both the commercial and residential markets, is pleased to announce the sale of 100% of the Company to an Employee Stock Ownership Plan.

For the last 25 years, Romanoff 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 an ESOP represents the best solution for a gradual leadership turnover while providing the business with financial flexibility and allowing the employees to participate in the future success of the business.

Matt Romanoff explains, "We value our people and recognize their incredible contribution to the success of this organization. The ESOP makes sense for ownership transition, the next generation of leadership, and for our legacy to carry forward."

Romanoff 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. Matt Romanoff commented "Lazear Capital spent the time up front with us to customize a solution that benefited everyone at our company and they exceeded our expectations in executing the transaction."

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. LCP arranged and led a multi-disciplinary deal team that executed the transaction efficiently while meeting shareholder objectives.