Keeping Manufacturing Jobs in the U.S.
Spinnaker Coating’s Chairman Opinion Piece Supports ESOPs
Louis A. Guzzeti, Jr., Chairman and CEO of Spinnaker Coating, LLC wrote an opinion piece for the Cleveland Plain Dealer in support of Employee Stock Ownership Plans(ESOPs) which was published August 12, 2012. In February 2012, Spinnaker Coating transitioned from being a privately owned company to an employee owned company. Verit Advisors LLC of Chicago, Illinois, advised on the transaction.
Mr. Guzzeti wrote, “There is a proven mechanism currently available to U.S. companies to improve productivity and competitiveness and, in so doing, slow the job exodus and keep manufacturing jobs at home. A financial structure exists that has allowed a large number of companies to offer its entire workforce a huge incentive to enhance both the productivity and profitability of the enterprise. I am referring to ESOPs.”
Verit Advisors began working with Spinnaker in June 2011 by analyzing and benchmarking numerous ownership transition alternatives based on the Verit team’s extensive experience. In January 2012, Spinnaker became a 100% S Corporation ESOP. Verit leveraged its expertise in ESOP, M&A and debt placement alternatives allowing Spinnaker to secure the optimal long-term solution.
There are more than 11,500 ESOP companies in the U.S., covering more than 10 million workers. For the entire opinion piece.
About Spinnaker Coating
Spinnaker Coating is a customer-focused company that develops, manufactures, and markets adhesive-coated paper and film constructions for conversion by printers and industrial users into marketing, identifying, promoting, labeling, and decorating applications. Spinnaker was named by the Dayton Business Journal as one of Dayton’s 50 companies with the biggest revenue jump in 2011. The Company is owned by its employees through an Employee Stock Ownership Plan (ESOP).
About Verit Advisors
Verit Advisors unites sophisticated middle market investment banking capabilities with a client-centric boutique, fluent in ESOPs, debt and equity capital markets, mergers & acquisitions, and valuation services. Integrity, teamwork, service and innovation are at the heart of the organization, as Verit strives to provide unparalleled advice and custom solutions to its clients. Mary Josephs founded Verit Advisors in 2009 and has nearly three decades of experience in corporate finance. Josephs and her team are considered to be one of the foremost experts in ESOP transactions and middle market strategic alternatives. Verit has offices in Chicago and Minneapolis.