Pinnacle sells to an ESOP
Pinnacle Industrial Enterprises, Inc., dba Pinnacle Plastic Products,("Pinnacle"), a manufacturer of custom blow molded plastic products, is pleased to announce the sale of 100% of the company to an Employee Stock Ownership Plan ("ESOP") Trust.
Pinnacle engaged Lazear Capital Partners, an investment banking firm in Columbus, Ohio, to arrange the transaction and serve as the company's exclusive financial advisor. The ESOP will enable the company to gradually transition leadership while simultaneously creating a way to help better reward, retain, and recruit talent.
“We want to thank Lazear Capital in helping transform Pinnacle Plastic Products into an employee-owned company. Without their professionalism, expertise, and tenacity, I don't know how we would have gotten such a great result."
The owners went on to explain that their decision to pursue an ESOP transition as such, “We are excited for the employees of Pinnacle Plastic Products as they will all directly benefit from working for the new company and will now share in its continued success.” The selling shareholders - Gary Gratop, Mike Hagen and Kevin Tearney will remain active in the new company during the transition period to ensure Pinnacle Plastic Products continuing success. “The plan for the new company is to grow and expand our capabilities to always meet our customers' needs. The ESOP will ensure that our employees can participate in that future growth and success.”
About Pinnacle Plastics:
Founded in Bowling Green, Ohio, in 1995, the company employs 177 people, operates nine production presses, and is shipping more than 3,000 tons of finished product annually. Pinnacle serves a diverse client base across multiple industries producing plastic products used for industrial applications and sold in the consumer market.