PCE Investment Bankers, Inc. (PCE), a leading financial services firm for midmarket companies, is pleased to announce that Electric Conduit Construction and its division Midwestern Contractors (ECC) recently transferred minority ownership into an ESOP (employee stock ownership plan) trust fund. PCE served as the exclusive financial adviser to ECC.
Founded in 1958, ECC is a leading provider of turnkey utility construction services to the telecommunication, oil and gas, and electric utility industries and municipalities. ECC provides services to companies located throughout the Midwest.
Co-owners and brothers Jon and Tim Pfleeger and Greg Preisch have a long-term vision for ECC. They want to provide meaningful benefits that offer long-term security to their current and prospective employees, which is one of the reasons they decided to pursue employee ownership for ECC.
Jon stated, "we are thrilled to provide our employees with benefits that exceed industry standards. An ESOP will provide financial stability for their futures while also allowing us to attract new talent."
Jon continued, "we engaged PCE to evaluate our goals and understand what an ESOP would achieve for ECC and the shareholders. From start to finish, PCE navigated and quarterbacked every step of the way, delivering a transaction that exceeded our expectations in all ways. I firmly believe without PCE, we couldn't have done this."
Eric Zaleski of PCE commented, "Having the opportunity to partner with Jon, Tim, and Greg was one of the best experiences we've had. The professionalism and industry sophistication they brought to the table made all parties involved extremely comfortable and impressed. Their decision to implement a partial ESOP plan sets the stage for many benefits to all for years to come. I am grateful to them for placing their trust in us."
About Electric Conduit Construction: With offices and construction yards in Elburn and Chicago, ECC is an award winning, national utility construction company that provides turnkey construction services to the telecommunication, oil and gas, and electric utilities and municipalities. ECC specializes in start-to-finish execution of the design, build and optimization of utility networks for major public and private utility owners. ECC's work has allowed its clients to connect their existing networks and rapidly expand their utility footprints throughout the region.