Lazear Capital Completes ESOP Transaction for Advanced Technology Products (ATP)
Advanced Technology Products (ATP) of Milford Center, OH announced the sale of 100% of the Company to an Employee Stock Ownership Plan (ESOP). Lazear Capital Partners, a Columbus-based investment banking firm, was engaged by ATP and its shareholders to provide expertise in structuring a solution that optimized both the company's and shareholders' objectives.
Founded in 1990, ATP is a premiere maker of pneumatic and fluid transfer tubing and its products are used worldwide across a large range on industries.
Jim McCoy, V Duane Campbell, and Steven DeWine were the three owners at the time of the conversion to an ESOP. Mr. McCoy was beginning to look at a gradual transition out of the business in the coming years, while Messrs. Campbell and DeWine were planning for many more years with ATP. After evaluating all alternatives, they concluded that the ESOP made sense for them personally while also allowing them to reward existing employees and provide a meaningful incentive for the continuing future of the business. Jim explained, "Lazear Capital came to us highly recommended. After meeting with them and discussing our options, we chose them due to their experience and depth of knowledge. We were particularly impressed with their support structure which greatly simplified the process. Thanks to Lazear Capital's organization for their assistance in providing our associates with continuity and pride of ownership."
Lazear Capital's team worked with ATP's owners 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.