Polaris Automation, Inc. (Polaris) and Industrial Solutions, Inc. (ISI), leaders in industrial automation control engineering solutions, are pleased to announce the sale of 100% of the companies 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.
Susan Cooke and Scott Cooke, the selling shareholders, shared their story. “This journey started five years ago when we began exploring an exit strategy. We talked with strategic buyers but quickly learned that it would be necessary to bring on a partner to help further identify all of our best options. Once introduced to Lazear, it was evident that we had found the partner we needed. They identified the ESOP solution as a way to meet our desires for ensuring that the culture of our companies would remain intact while simultaneously providing a way for our dedicated employees to share in the future.”
“Lazear helped us understand that before the ESOP was a viable option, there was work that needed to be done.” Scott explains, “I owe a lot of my professional growth in recent years to the transparent discussions that took place with Lazear early in the process. They stuck with us throughout and were always willing to lend their thoughts on our progression. I am a much better CEO, having worked with Lazear.”
“During the transition to an ESOP, Lazear kept us on track and were very good at keeping the entire ESOP team accountable. Their communications were impeccable and designed to make sure that we understood what was going on every step of the way.”
“It also didn’t stop with the close of the ESOP. Lazear also ensured that we begin our journey correctly by introducing us to other professionals and service providers that will help us to carry the torch forward.”
About Polaris and ISI:
Founded in Columbus, Ohio, in 1984, Polaris Automation Inc., (Polaris), is a systems integration company focused on industrial automation controls and advanced manufacturing solutions. Later founded in 1987, Industrial Solutions Inc., (ISI), a complementary sister company, produces customized control panels used in manufacturing processes.