Hercules Industries Sells to ESOP
Hercules Industries, a leading manufacturer and full-service wholesale distributor of HVAC equipment and supplies, is pleased to announce the sale of 100% of the company to an Employee Stock Ownership Trust (“ESOP”). Lazear Capital Partners, an investment banking firm in Columbus, Ohio, was engaged to quarterback the transaction and served as the company’s financial advisor in the negotiation of deal terms and the arrangement of financing.
Hercules, headquartered in Denver, was founded by William E. Newland in 1962 and has grown to over 20 locations and five manufacturing facilities in the Rocky Mountain region. “Transferring ownership of this large capital structure to the next generation is very difficult. The conclusion we came to was that we should simply transfer company ownership to those people that deserve it the most. These are the people that have been most loyal to our company, the employees of Hercules Industries,” said William Newland, former shareholder and chairman of the Board of Directors.