UTI Technologies sells to an ESOP
Utility Technologies International Corporation (UTI), a complete service provider to the natural gas pipeline industry, 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 in Columbus, Ohio, was engaged to arrange the transaction and serve as the Company’s exclusive financial advisor.
As the selling shareholders, led by majority shareholder Dick Dickerson, contemplated succession planning they learned about the ESOP solution as a way to not only capitalize on their investment but ensure the cultural legacy of the Company. With several shareholders staying on as members of management, the Company felt it was imperative to consider an option that best allowed the company to continue to grow organically. “Lazear was able to break down the perceived complexity of an ESOP transaction to help us appreciate the benefits. Once we understood the benefits available to us and our employees it was clear this was the best path forward. Their professionalism, organization, and clear communication helped us navigate the process from start to finish.”
“Lazear really helped us understand the power of the ESOP and what it would do for our employees. They ensured we received a full, fair value with the best bank financing available. They exceeded our expectations. Thank you, Lazear, for all your efforts.”
UTI is located in Groveport, Ohio and has been in operations since 1992.