Mulberry Street Management Services Becomes Employee Owned
Mulberry Street Management Services, Inc., also known to the marketplace as Coordinating Council for Independent Living, and its contracting agency, West Virginia’s Choice, Inc., combine to be leaders in the provision of case management and homemaker services in the state of West Virginia. Mulberry, speaking for the composite group of companies, is pleased to announce the sale of 100% of the Company to an Employee Stock Ownership Plan (ESOP) Trust. Lazear Capital Partners, an investment banking firm headquartered in Columbus, Ohio, served as the financial advisor to the company for the transaction.
Mulberry Street Management Services, Inc. engaged Lazear Capital Partners to arrange the transaction and serve as the exclusive financial advisor. Lazear Capital Partners’ team worked with ownership and the management team to design a custom solution that provided employee benefits, financial flexibility, and maximized tax advantages. The financing Lazear Capital Partners structured will allow the them to maintain a liquidity cushion, while supporting its strong growth.
In discussing the decision to sell to an ESOP, Sharon Hayes, President and CEO, explained: "The ESOP enables us to transition ownership while maintaining our strong existing management team and the long-term strategy. It also meets our goal of rewarding employees that have helped shape the success of the company and will continue to do so in the coming years. With the transition to the ESOP, the legacy and culture established by our Founder, Dennis Parrucci, will remain intact for many years to come."
Sharon Hayes commented that "Lazear Capital drove the process and led a deal team that executed the transaction efficiently and in the timeframe promised. They remained an advocate and trusted partner for our company and employees throughout the process and exceeded our expectations at every turn."
About Coordinating Council for Independent Living
Founded in 1980 and headquartered in Morgantown, West Virginia, Coordinating Council for Independent Living, as combined, is the largest case management and homemaker agency in the state of West Virginia. Coordinating Council for Independent Living,professional and trained employees provide community services, service program maintenance and coordination, and in-home care to the citizens of West Virginia through its 8 offices covering all 55 counties of the state.