Lazear Capital Completes ESOP Formation for Com-Corp. Industries
Com-Corp. Industries, Inc. ("CCI"), a leading manufacturer and assembler of stamped metal performance automotive products, 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 CCI for the transaction.
In discussing the decision to sell to an ESOP, Michael Strazzanti (the Company's Chairman and former owner) explained "The ESOP enables us to transition ownership while maintaining existing management and the long-term strategy of the Company. It also meets our goal of rewarding employees that have helped shape the success of CCI and will continue to do so in the coming years."
CCI engaged Lazear Capital Partners to arrange the transaction and serve as the Company's exclusive financial advisor. Lazear Capital's team worked with Michael Strazzanti and CCI's management team to design a custom solution that included employee benefits, financial flexibility, and maximized tax advantages. The financing Lazear Capital structured will allow the Company to maintain a liquidity cushion, while supporting its strong growth.
Michael Strazzanti commented, "Lazear Capital drove the process and led a deal team that executed the transaction efficiently and in the timeframe promised. They exceeded our expectations at every turn."
The transaction marks the third recently completed deal by Lazear Capital in Northeast Ohio, as the firm continues to expand its footprint in the region, led by Managing Director, Shawn Ely.
About Com-Corp. Industries, Inc.
Founded in 1985 in Cleveland, Ohio, CCI is a leading manufacturer and assembler of stamped metal performance products to original equipment manufacturers ("OEMs") and Tier 1 automotive suppliers, both domestically and internationally. The Company's products are component parts for best-selling truck, SUV, crossover, car, and other platforms of leading OEMs.