Riggs Companies (Riggs), one of the Southwest’s fastest-growing commercial concrete contractors, has transitioned to 100% employee ownership through an Employee Stock Ownership Plan (ESOP). This strategic move ensures the company’s long-term independence while rewarding the employees who have been instrumental in its success.
Founded in 1993 in Phoenix, AZ, Riggs is known for its quality craftsmanship, strong culture, and steady growth. The company has been nationally recognized for its workplace culture and was included on the 2024 Inc. 5000 list, reflecting its reputation as one of the region’s leading construction firms.
“This transition is about recognizing the people who have been the foundation of Riggs from the very beginning,” said Brian Davidson, Managing Member of Riggs. “Becoming 100% employee-owned is our way of investing in their future while preserving the culture and values that have driven our success.”
Lazear Capital Partners (Lazear) was proud to serve as the exclusive financial advisor to Riggs, with the ESOP transaction led by Abran Villegas, managing director and Phoenix market leader at Lazear.
“Riggs is a great example of why ESOPs are gaining traction in construction,” said Abran Villegas. “Employee ownership provides a valuable succession planning tool and a way to retain employees and boost local economies. For a people-first company like Riggs, it’s a smart, long-term strategy that strengthens both culture and performance.”
According to the National Center for Employee Ownership, the construction industry ranks among the top three industries for ESOPs, and Arizona is seeing increased interest as companies seek to remain independent and competitive. By transitioning to an ESOP, Riggs joins a growing number of construction firms using employee ownership to strengthen company performance and secure their legacy.
About Riggs Companies
Riggs Companies is a leading commercial concrete contractor based in Phoenix, Arizona. Specializing in tilt-up construction, cast-in-place concrete, and industrial flatwork, Riggs serves a diverse range of industries, including data centers, healthcare, education, and residential developments. The company is recognized for its commitment to quality, innovation, and employee development.
About Lazear
Lazear is a premier middle-market advisory firm specializing in business ownership transitions nationwide. Headquartered in Columbus, OH, with a growing presence, the firm is dedicated to helping business owners maximize wealth and preserve legacies through customized exit strategies, including ESOPs and 1042 tax solutions, M&A, and capital formation.
To learn more, visit www.lazearcapital.com and follow Lazear on LinkedIn.
Media Contact
Katherine Koon
Marketing Director
kk@lazearcapital.com
614-502-1411
