100% Employee Ownership Fortifies UST Fuel Solutions Legacy
Lazear Capital Partners (LCP) is proud to announce that UST Fuel Solutions (UST) has evolved to become a 100% employee-owned business via an employee stock ownership plan (ESOP).
Founded in 1991 and acquired by UST president Marshall Ryan in 2000, the Company has built and sustained a legacy of success through their mission of hiring and cultivating the best talent, developing leaders and providing unparalleled execution on the highest quality of fuel construction services. These services provide critical support to GSA, military, aviation, municipal, retail and commercial construction partners.
The transition to 100% employee-ownership for UST is perhaps the newest evidence of the unwavering commitment to investing in the Company’s talented employees. While considering the pathways for his succession planning, Marshall investigated strategies that would achieve his personal goals around liquidity and retirement and preserve the valuable team culture that UST has worked so hard to build. For Marshall, all of this had to be accomplished while positioning the next generation of UST leadership for success and continuity.
After a great deal of research on alternatives to selling to private equity or competitors, Marshall narrowed his focus to employee-ownership models and ESOP structures. Marshall identified the experts at LCP as the right facilitators for this transaction because of the firm’s comprehensive and guided approach.
Marshall commented on the partnership, saying, “They [LCP] quarterbacked this whole thing. I was busy running my business, so they were careful not to overload me. Instead, they slowly pieced it out so I could absorb it as we went along.”
Intentional about surrounding this transaction with partners who would care as much as he does about the long-term success of this ESOP, Marshall chose to work with Bank of Montreal (BMO). BMO director, Greg McCollum said, “We’re excited to partner with UST and Lazear Capital Partners to assist in the execution of their ESOP. We look forward to working with the UST team for many years to come.”
As Marshall and the UST team recenters their organization around employee-ownership, there is momentum from a robust project pipeline and a bright horizon with owner-leadership in all levels and departments of the Company. Lazear Capital Partners is proud to have been a part of this transaction and wishes Marshall and the entire UST team an enthusiastic congratulations on their successful transaction.
About UST Fuel Solutions
UST Fuel Solutions is a leading national specialty contractor engaged in the design and installation of customized fuel systems and back-up power infrastructure for world-class clients across a diverse range of end-markets and geographies.