Weaver Homes & Weaver Commercial Contractor sells to ESOP

Weaver Homes & Weaver Commercial Contractor sells to ESOP
Founded in 1955, Weaver Custom Homes and Weaver Commercial Contractor manage the construction of residential homes and commercial buildings, respectively. Both companies differentiate from traditional general contractors by providing "design-build" services, which entails managing the entire process from the earliest design phase through to completion.

Lazear Capital Partners is proud to announce another successful Employee Stock Ownership Plan (ESOP) transaction. Wooster, Ohio based Weaver Custom Homes, Inc., and Weaver Commercial Constructor, Inc., have together formed the Benmark Holdings ESOP Trust and sold the combined entities to their employees. Lazear Capital, a Columbus-based investment banking firm, was engaged by the Company's owner to provide expertise in structuring a solution that optimized his objectives.

Founded in 1955, Weaver Custom Homes and Weaver Commercial Contractor manage the construction of residential homes and commercial buildings, respectively. Both companies differentiate from traditional general contractors by providing "design-build" services, which entails managing the entire process from the earliest design phase through to completion.

As the sellers explained, "by moving our two companies into an Employee Stock Ownership Plan (ESOP) we were able to accomplish two major goals. The first goal was to implement a succession plan to ensure the continuation of our family business' while protecting the brand and maintaining the integrity by which we do business. The second goal was not only to protect our employees, many who have long tenures with WCH and WCC, but to put them in a position where they can benefit from the growth and prosperity of the businesses."

Lazear Capital undertook an extensive feasibility analysis, and the owners came to believe that an ESOP was the best fit for the Company. Lazear Capital's team worked with the owners to design a custom solution that included employee benefits, financial flexibility, and maximizing tax advantages. The financing Lazear Capital structured will allow the Company to maintain a liquidity cushion while supporting its steady growth.